August 20, 2018 / 6:02 AM / a month ago

CORRECTED-Kenmare Resources H1 profit surges on higher ilmenite shipments

(Corrects to remove extraneous word “pounds” from paragraph 3)

Aug 20 (Reuters) - Kenmare Resources Plc, which produces titanium minerals and zircon, on Monday reported a nearly three-fold jump in pretax profit for the first half of the year as it shipped more ilmenite and finished products to Asia.

Mozambique-based Kenmare, which mines minerals used in paints, plastics and ceramics, has been in a period of recovery after having struggled with weak prices for minerals on the back of a commodity downturn a few years ago.

The company said pretax profit rose to $28.8 million for the six months ended June 30, from $9.8 million a year earlier, and shipments of finished products jumped 10 percent to 589,200 tonnes.

However, Kenmare warned that sales volumes of ilmenite, an ore of titanium, will be lower than expected in the second half due to seasonal weakness in the Chinese market over the summer months and newer environmental regulations. (Reporting by Muvija M in Bengaluru; Editing by Gopakumar Warrier)

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