KENMARE RESOURCES PLC
(“Kenmare” or “the Company” or “the Group”)
Publication of 2023 Annual Report
The 2023 Annual Report (in ESEF-compliant and PDF formats) is available for inspection on the Company's website and can be downloaded here. It has also been submitted to Euronext Dublin and the
https://direct.euronext.com/#/oamfiling
and
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The 2023 Annual Report is available to view directly by clicking on the link at the end of this announcement.
Paper copies are expected to be posted on
2023 key highlights
Financial
- Recommended 2023 dividend of
$50.0 million or USc56.04 per share, a 3% increase compared to 2022 (USc54.31), comprising an interim dividend of USc17.50 per share (paid inOctober 2023 ) and a final dividend of USc38.54 per share (payable inMay 2024 ) - Mineral product revenue of
$437.1 million , a 12% decrease compared to 2022 ($498.3 million ), driven by a 10% lower average price received for Kenmare’s products, due to weaker markets and a 3% reduction in shipments - Total cash operating costs of
$228.1 million , up 4% on 2022 ($218.7 million ), due to increased heavy mobile equipment rental, higher fuel costs, and costs associated with a severe lightning strike in Q1 2023 - Cash operating costs per tonne of
$209 , a 15% increase compared to 2022 ($182 per tonne), due to higher total cash operating costs and a 9% decrease in production of finished products - EBITDA of
$220.3 million , representing a strong EBITDA margin of 50% (2022: 60%), despite weaker product pricing driving a 26% decrease on 2022 ($298.0 million ) - Profit after tax of
$131.0 million , down 36% on 2022 ($206.0 million ) - Diluted earnings per share of
$1.37 per share, a 35% decrease on 2022 ($2.12 per share) - Net cash of
$20.7 million at year-end 2023 (2022:$25.7 million ), with cash and cash equivalents of$71 .0 million (2022:$108.3 million ) - Share buy-back of 5.9% of Kenmare’s issued share capital for £23.6 million (
$30.0 million ) completed inSeptember 2023 - Post-period end, new debt facilities agreed for a
$200 million Revolving Credit Facility to enhance financial flexibility and support Kenmare’s planned capital programmes
Operational and corporate
- As announced on
15 March 2024 , Managing DirectorMichael Carvill will step down from his executive role and Board position later this year – the Nomination Committee has commenced a process to find his successor - Strong safety performance achieved in Q4 2023 has continued in Q1 2024, with the milestone of three million hours without a Lost Time Injury passed in late February
- Heavy Mineral Concentrate (“HMC”) production of 1,448,300 tonnes in 2023, a 9% decrease compared to 2022 (1,586,200 tonnes), due to lower ore grades and mining rates impacted by power interruptions and a severe lightning strike in Q1 2023
- Ilmenite production of 986,300 tonnes in 2023, a 9% decrease on 2022 (1,088,300 tonnes), broadly in line with a 9% reduction in HMC processed
- Shipments of finished products of 1,045,200 tonnes in 2023, a 3% decrease on 2022 (1,075,600 tonnes), due to weaker product markets and poor weather conditions in Q4 2023
- Ilmenite production guidance for 2024 is 950,000 to 1,050,000 tonnes
- Production in 2024 will be second half weighted, with Q1 2024 production expected to be in line with Q1 2023 – material uplift in production expected in Q2 2024
For further information, please contact:
Investor Relations
ir@kenmareresources.com
Tel: +353 1 671 0411
Mob: +353 87 943 0367 / +353 87 663 0875
Murray (PR advisor)
Paul O’Kane
pokane@murraygroup.ie
Tel: +353 1 498 0300
Mob: +353 86 609 0221
About
All monetary amounts refer to
Attachment
- 2024-04-04 Kenmare 2023 Annual Report
© OMX, source
