Mozambique’s Moma titanium mine to reach maximum capacity in 2007

26 April 2006

Dublin, Ireland, 26 April – The Moma titanium mine in Mozambique’s Nampula province, will reach its maximum production capacity in 2007, the concession holding company, Ireland’s Kenmare Resources said Tuesday.

The production capacity of the Moma mine, which will explore one of the largest-known reserves of titanium in the world, should represent around 8 percent of world consumption of titanium ore, used as a pigment for paint, paper and plastic.

In an interview with market analysts Tuesday Kenmare’s financial director, Tony McCluskey, said that the company would “increase capacity and production to the maximum” the mine would allow “as soon as possible in 2007,” in order to take advantage of the increase in price of the metal on the international market.

Kenmare posted profit of US$4.7 million in 2005, against almost US$20,000 in 2004, thanks to foreign exchange gains on its debt and interest on deposits, according to information released on the Irish stock market.

Titanium ore reserves at the Moma complex are valued at 101 million metric tons, 40 percent more than initially expected.

The mining complex is around 80 percent complete and should be operational at the end of this year, the company said.

The development is expected to account for 2.4 percent of growth of the Mozambican economy in 2007. (macauhub)