Kenmare Resources plc paid US$17 million to Mozambique from operations at the Moma titanium minerals mine on the northern coast of the country.
EXPANSION
The company’s report on payments to governments for the financial year ended 31 December 2022 shows the total amount comprised $6.1m in taxes, $10.7m royalties and $409,000 fees.
Described itself as “one of the world’s largest producers of minerals sands products” Moma supplies 7% of global titanium feedstocks and customers operating in more than 15 countries.
Payments made to governments include production entitlements, for which the group made no relevant payments during 2022, and taxes.
With plans to expand to Nataka in 2025, the company previously reported an increase in profit after tax to $206m (2021: $128.5m) due to higher product prices.
COMPANY STRUCTURE
Kenmare’s two subsidiaries are the Mozambique branch of Kenmare Moma Mining (Mauritius) Ltd, which operates the mine, and downstream company Kenmare Moma Processing (Mauritius) Ltd.
Both account for 100% of the group’s turnover and 99% of its total assets with all revenues and operating costs being in the same tax jurisdiction of Mozambique.
Kenmare conducts no direct exploration or mining activities.