Kenmare Resources mines 8.4m tonnes of ore in Q1, up 19%

Shares in Kenmare Resources are up almost 3% after it mined 8.4m tonnes of ore in the first quarter of 2017, up 19% on the year, producing 353,500 tonnes of heavy mineral concentrate (HMC), up 29% increase on first-quarter 2016.

"Kenmare has delivered solid production in Q1, particularly for the main revenue generating products of ilmenite and primary zircon, in what has traditionally been a lower producing quarter," said managing director Michael Carvill.

"Q1 cash generation at the Mine has continued the trend of quarter on quarter improvement, since bottoming in Q2 2016," he said.

Kenmare remained on track in its strategy of maximising cash generation through increasing production and reducing cash costs in what remained a strong market for its products, Carvill said in a statement.

Finished-product volumes for the period also included 256,500 tonnes of ilmenite, up 39%, and 18,500 tonnes of zircon (including 5700 tonnes of a lower-grade secondary zircon product), up 59%.

At 13:58 GMT, shares in Kenmare Resources were up 2.67% to 308p each.