Kenmare Resources PLC - Mozambique-focused titanium minerals and zircon producer - Production of excavated ore in the third quarter of 2023 grows 3.8% annually to 10.8 million tonnes from 10.4 million tonnes a year prior, and is 13% higher than 9.6 million tonnes a quarter ago. Shipments however fall 43% to 163,400 tonnes from 285,600 tonnes a year ago and 43% from 285,100 tonnes in the second quarter. Meanwhile, demand for titanium feedstocks and zircon was weaker in the third quarter due to global economic activity, Kenmare says. Demand for high-quality ilmenite however was more resilient than other titanium feedstocks, firm adds. ‘Subdued global construction activity is impacting demand for ceramics and this is flowing through to the zircon market. Contracted prices have remained relatively stable, although spot prices have come under increasing pressure. Kenmare expects to achieve strong zircon sales in Q4 2023, with contracts in place for most of its volume,’ it says.

Current stock price: 410.63 pence

12-month change: up 5.3%

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