Annual Report 2013

The Moma Mine produces the titanium minerals ilmenite and rutile, used as feedstocks to produce titanium dioxide pigment, and the relatively high-value zirconium silicate mineral, zircon

  • Titanium dioxide pigment has a high refractive index and brilliant white colour, which makes it an excellent reflective optical coating. It is used in paints, paper and plastic production
  • The primary applications for zircon are in the manufacture of opacifiers for ceramics and for refractory products used in the steel and foundry industries

Financial and Operational Overview

Phase II expansion complete with new dredge, Wet Concentrator Plant B (“WCP B”) and all processing plants becoming operational during 2013

Revenues US$137.9 million (2012: US$234.6 million) excluding capitalised revenues of US$23.6 million

Ore mined up 22% to 23,951,200 tonnes (2012: 19,588,800 tonnes)

EBITDA of US$29.0 million (2012: US$98.9 million)

Production of heavy mineral concentrate (“HMC”) up 47% to 1,137,200 tonnes (2012: 772,300 tonnes)

Loss after tax of US$44.1 million for 2013 after foreign exchange and financing charges (2012: US$49.5 million profit)

Production of ilmenite up 25% to 720,100 tonnes (2012: 574,500 tonnes)

Total assets increased to US$1.1 billion (2012: US$994 million)

Production of zircon down 33% to 31,400 tonnes (2012: 46,900 tonnes)

Debt restructuring completed in February 2014