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Moma Mine paid 28.2 million in taxes and fees to Mozambique in 2023
Kenmare, one of the world's largest producers of titanium and zircon, which operates the Moma mine, Mozambique, paid $30.5 million (28.2 million euros) in 2023 to the Mozambican State, in taxes and duties.
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Economia Moçambique
According to market information consulted today by Lusa, Kenmare, of Irish origin and operating in Mozambique through subsidiaries in Mauritius, paid the State for the operation on the coast of Nampula province US$19,798,000 (€18.3 million) in taxes, US$10,259,000 (€9.5 million) in 'royalties' and US$504,00 (€467 thousand) in 'fees' (licenses and concessions), relating to the 2023 fiscal year.
Kenmare is one of the world's largest producers of mineral sands, listed on the London and Dublin stock exchanges, and production in Mozambique accounts for approximately 7% of global titanium raw materials.
The company supplies customers operating in more than 15 countries that use heavy minerals in paints, plastics and ceramics.
In a market update in 2023, on its first-half performance, the company announced the payment of an interim dividend of US$17.5 (€16) per share, an increase of 59% compared to the same period in 2022, as part of the policy of paying US$50 million (€45.8 million) annually in dividends to shareholders.
Kenmare also added in that update that first-half 2023 earnings of US$67.8 million (€62.1 million) represented an 8% increase over 2023.
At the same time, the mining company acknowledged that production of heavy mineral concentrates (heavy sands) at the Moma mine fell by 14% in the first half, to 633,900 tonnes, due to the "severe impacts" of a lightning strike in the area, while total finished product fell by 10%, to 472,600 tonnes, and shipments sent increased by 31%, to 556,800 tonnes.
According to the company, the Moma mine contains reserves of heavy minerals including titanium, ilmenite and rutile, which are used as raw materials to produce titanium dioxide pigment, as well as the relatively high-value zirconium silicate mineral, zircon.
The mining company announced in April 2023 that it plans to explore a new vein within two years, within its Moma concession, signalling the longevity and profitability of the mine.
Read Also: 12-month inflation in Mozambique accelerates in April to 3.26%, reveals INE (Portuguese version)
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