Kenmare Resources celebrates progress at project in Mozambique

(Alliance News) - Kenmare Resources PLC said works are advancing well at one of its projects. ...

Alliance News 4 July, 2024 | 1:25PM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - 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 USD341 million.

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

By Tom Budszus, Alliance News slot editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Kenmare Resources PLC 326.00 GBX -0.91 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures