Shares in Kenmare Resources (KMR) rose after the specialist minerals sands miner revealed 40 per cent top-line growth and a doubling in net earnings for 2012, in addition to a commitment to start paying dividends once the deferred portion - around £65m - of a subordinated debt linked to the original financing of the group's Moma complex in Mozambique is repaid.
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After several technical delays, investor focus is on the 50 per cent expansion at the Moma complex, which is finally at the commissioning phase following the flotation of a new wet concentrator plant and dredge. With the ramp-up at last in sight, Kenmare's chairman, Justin Loasby, believes that 2013 will come to be seen as a "watershed year" for the group.
