Kenmare

Guidance withdrawn as precaution

  • Sectors : Resource
  • Companies : Kenmare

Ratings and price correct at time of issue.

  • Kenmare

    Closing Price: 187.5p

  • RATING 03/08/16

  • PREVIOUS RATING 07/12/15

    UNDER REVIEW

DAVY VIEW

While operations continued uninterrupted in the first quarter, the fast changing COVID-19 landscape has pushed management to withdraw guidance for the year (set at ilmenite production of between 0.8m and 0.9m tonnes). We think this is sensible given that the production scheduled for the year assumes a successful outcome to planned expansion. Perhaps most importantly at this juncture, management has also moved to maximise liquidity available, ensuring timely financing of its projects should they proceed as planned. For now at least, the dividend remains on track.

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Apr 9 2020, 07:10 IST/BST

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