Fully listed titanium producer in Mozambique, Kenmare Resources (KMR), has announced a miss on its production guidance for the year with regard to the main product, ilmenite. Having previously offered up a target of 900-960 thousand tonnes, we are now told the actual figure could be as low as 870 thousand tonnes.
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Dual-listed in Ireland and on the LSE Kenmare Resources (KMR) has released what reads like a very positive trading update. Two questions spring to mind here: is it generating cash, and what about the debt position? But the company seems to have chosen to ignore completely its refinancing last year in reporting its finances.
Ireland- and London-listed Kenmare Resources (KMR) announced (after-hours, natch) on Friday that the open Offer element of its rescue refinancing package had met with just 7.45% support: hardly a ringing endorsement. Of course, since the Open Offer cash was headed straight into the hands of creditors rather than providing the business with much-needed working capital it was hardly an attractive proposition, not to mention the abject record of the board.