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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kenmare Resources Plc | LSE:KMR | London | Ordinary Share | IE00BDC5DG00 | ORD EUR0.001 (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.00 | 0.31% | 325.00 | 320.50 | 325.50 | 326.50 | 319.00 | 322.50 | 69,213 | 16:35:07 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS No 39c KENMARE RESOURCES PLC 29th October 1998 Kenmare Resources plc. Report for the six months ended 30th June, 1998 Chairman's Statement Dear Shareholder, Graphite Production Up My last communication with you was at the time of the Annual Report and the AGM. I then stated that our Ancuabe Graphite mine had experienced considerable difficulties caused by generator failures in early 1998. These difficulties are reflected in the financial data presented with this interim report. At the AGM I said that we had overcome these difficulties and that we expected production to improve. This has happened and our production rate is now about twice the average for the first half of 1998. This turnaround has been achieved by the efforts of the technical team led by Terry Fitzpatrick. Reflecting Ancuabe's growing status within the industry, there have been several approaches by industry players interested in taking a strategic stake in the project company, GDAS. We have concluded a non-exclusive arrangement with Superior Graphite of Chicago, who distribute Kenmare Flake and are one of our largest customers. This agreement allows Superior to acquire 15% of the common stock of GDAS by investing US$1.5 million. This investment is staged and is related to deliveries of graphite to Superior and is underway. In addition Superior has advanced GDAS circa US$600,000 in working capital. Titanium Project in Feasibility Stage Our titanium minerals project is also proceeding well. The environmental impact assessment is underway. Geotechnical and hydrological consultants are at site with a large BHP team which is drilling, bulk sampling, and working on infrastructure requirements. Production tests on the manufacture of Titanium slag will be done by BHP Steel in Australia. The titanium feedstock market continues to grow steadily despite economic difficulties in Asia. Titanium feedstock prices have risen by circa 6% during 1998 - in contrast to most commodities. Market studies predict a supply shortfall within 5 years. We expect to seize this opportunity to start production. Mozambique Attracts Investment Emerging markets are now generally depressed. However, Mozambique remains a strong exception, with non-inflationary growth and democratic stability. The Mozambique Government is very supportive and has undertaken to supply competitively priced mains electricity to both our projects. Reflecting this, investment flows are flowing into Mozambique: for example, Gencor has built a US$2 billion aluminium smelter. Guinea Exploration Underway Shortly Kenmare has shipped exploration equipment to Guinea for its upcoming exploration programme and expects to be fully underway in the new year. Other Ongoing cash receipts by the graphite project company mean that Kenmare is in a strong cash position. Charles Carvill Chairman 29th October, 1998 INTERIM REPORT The Group's unaudited Consolidated Profit & Loss Account for the six months ended 30th June 1998 is as follows: 6 months to 6 months to 30 June 98 30 June 97 IR# IR# Turnover 1,076,028 903,768 ---------------------------- Loss before Taxation (888,854) (853,309) Taxation - - ---------------------------- Loss after Taxation (888,854) (853,309) Minority Interest - (113,567) ---------------------------- Loss Attributable to the Group (888,854) (966,876) ============================ Loss per Share (0.81p) (0.97p) ============================ The Interim statement has been posted to all shareholders and is available for inspection at Chatham House, Chatham Street, Dublin 2, Ireland. END IR FCCCBQDDDAKB
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