Mining company Kenmare Resources has reported a loss before tax of $42.09 million for 2013, compared to a profit of $52.79 million the previous year.

Revenues at the Irish and London listed company declined to $137.4 million (€99.1 million) last year, excluding capitalised revenues of $23.6 million.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) were $29 million for the 12 months to the end of December, compared with $98 million in 2012.

The company posted a loss after tax of $44.1 million after foreign exchange and financing charges. Operating profit for the year amounted to $4.7 million.

Managing director Michael Carvill said 2013 saw the end of a long period of investment in its Moma titanium minerals mine in Mozambique.

“With the expansion complete and commissioned, and with the capital cost behind us, the Moma Mine will reap the benefits of this investment not only in 2014 but for years to come. We are continuing to improve the efficiency of our business and drive down our cost per tonne, whilst tackling the challenges of maintaining consistent power to our operations.”

He said the company was well placed to benefit from the expected demand recovery in titanium feedstock and zircon markets, with the Moma Mine capable of producing 8 per cent of the world’s consumption of titanium feedstocks and 4 per cent of global zircon.

Kenmare said ilmenite production rose by 25 per cent to 720,100 tonnes, while zircon production was down 33 per cent to 31,400 tonnes.

It said ore mined was up 22 per cent to 23,951,200 tonnes, compared to 19,588,800 tonnes in 2012.