Kenmare Resources PLC said works are advancing well at one of its projects.

The Mozambique-focused mining company noted steady progress on the upgrade of its Wet Concentrator Plant A and the transition to the Nataka ore zone at its Moma mine in Mozambique.

Managing Director Michael Carvill said: ‘The board has approved the final part of the definitive feasibility study for the WCP A upgrade and transition to the Nataka ore zone, relating to the infrastructure. The total capital costs for the project remain in line with previous estimates. On-going detailed engineering and scheduling work has resulted in lower expected capital expenditure in 2024.’

He added: ‘Works are advancing well for the upgrade, with the fabrication of the two new dredges and the upfront de-sliming circuit making encouraging progress.

‘Nataka represents over 70% of Moma’s Mineral Resources and unlocking this ore zone secures production for decades to come, whilst maintaining Kenmare’s first quartile position on the industry revenue to cost curve.’

The project remains within the estimated capital cost of $341 million.

Kenmare shares rose 1.2% to 330.00 pence each on Thursday afternoon in London.

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