Kenmare profits fall 85 per cent

Miner Kenmare Resources’ shares tumbled over nine per cent yesterday after the firm revealed an 85 per cent fall in half-year operating profit and net losses of $10.2m (£6.6m), down from net profit of $38.8m last year. The FTSE 250-listed firm attributed the decline to lower average prices. “Management’s focus is now on controlling operating costs, conserving cash and de-risking the business,” said managing director Michael Carvill.