Kenmare proposes 13.5% share buyback

LSE-listed titanium minerals and zircon producer Kenmare Resources has launched a proposed tender offer to buy back up to 13.5% of its issued ordinary shares in an effort to increase shareholder returns.

This follows the successful completion of its major capital projects and is supported by the strong operational performance of the company and its subsidiaries and commodity market strength this year.

In its financial results for the six-month period ended June 30, Kenmare reported a profit after tax of $48-million, up from the $12.7-million of the year prior.

Kenmare Resources plc (LON:KMR) is an established mining company, which operates the Moma Titanium Minerals Mine, located on the north east coast of Mozambique.

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