Kenmare produces 414 kt titanium minerals in third quarter, 7% decline
Kenmare Resources, one of the leading global producers of titanium minerals and zircon, reported that its heavy mineral concentrate (HMC) production in Q3 2023 was 414,600 tonnes, a 7% decrease compared to Q3 2022, driven by lower ore grades.
The company said that ilmenite production of 291,200 tonnes in Q3 2023 was 4% lower compared to Q3 2022 due to lower HMC processed, while primary zircon production of 14,100 tonnes was 18% lower compared to Q3 2022 due to lower HMC processed and a build of intermediate stockpiles.
Kenmare added that total shipments of finished products of 163,400 tonnes in Q3 2023 were 43% lower compared to Q3 2022 as two large ilmenite shipments completed after quarter-end and will be recorded as Q4 2023 shipments.
The company said it remains on track to achieve its revised 2023 production guidance.
Commenting on the market, Kenmare said that weaker global economic activity led to lower average prices achieved for ilmenite in Q3 2023, “although demand remains strong for Kenmare’s high quality products.”
According to Kenmare, contracted zircon prices remained “largely stable” although reduced global construction activity is impacting ceramics demand, with zircon spot prices coming under increasing pressure.
Kenmare Resources is one of the world’s largest producers of mineral sands products. Kenmare operates the Moma titanium minerals mine in Mozambique. Moma’s production accounts for approximately 7% of global titanium feedstocks and the company supplies to customers operating in more than 15 countries.
