The rebound in the titanium feedstock market since late 2020 has continued and with the closure of Rio Tinto’s (ASX:RIO) Richards Bay mine in South Africa and the impending suspension of Iluka’s (ASX:ILU) Sierra Rutile mine in November (pending any potential return to profitability) the supply side is looking tight.
Zircon is at three-year highs of around US$1,630 per tonne (a 14% increase since 31 March 2021) and rutile prices are looking just as good at around US$1,753 per tonne – a 40% increase since October 2020.
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.