Kenmare Resources PLC - Mozambique-focused titanium minerals and zicron producer - Says, in early February, power lines nearby its Moma Titanium Minerals mine were subject to a direct lightning strike of an ‘unusually high intensity’. Explains the severity of the strike cut two of the powerline conductors and the energy discharged overwhelmed the mine’s lightning protection systems. In addition, a large number of variable speed drives and electronic devices at the mine were also damaged, primarily at the three wet concentrator plants. Consequently, mining operations were ‘severely disrupted’ while repairs were carried out. Says it is working hard to recover lost production of heavy mineral concentrate, but production of ilmenite and rutile is now expected to be towards the lower half of the guidance range for 2023. The guidance range for zircon and concentrates remains unchanged.

Kenmare expects to announce its 2022 results on March 22.

Current stock price: 484.28 pence

12-month change: up 18%

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