Irish mining and exploration company Kenmare Resources will post revenues of $125 million (€93 million) next year, its first full year of operation, its chief executive Michael Carvill said yesterday.

Speaking after the company's annual general meeting, Mr Carvill said he expected the company to be profitable next year.

"The numbers are good and we expect revenues of $125 million (€93 million) next year and we expect our operating costs would be about $38 million (€28 million) and have about $20 million (€15 million) worth of interest," he said.

He said the company was in a ramp-up phase at its Moma titanium minerals project in Mozambique and that production would double by 2010.

Mr Carvill told shareholders that 60 per cent of the first five years of revenues are under contract, mostly at variable prices, and that there was strong interest in the remaining production.

"The price is rising, so we don't want to fix just now," he said. The company was also exploring for uranium in northern Mozambique, but this project was still in its early stages, he said.

"The exploration has shown interesting targets. While we are confident we are making progress, we are not yet confident that it will create a deposit. We don't want people to focus on it as a major plank of revenue for the company. It's just exploration."

A Mozambique-based company has also expressed an interest in investing in the company and having a representative on the board, he said. This person was "of international repute, good standing and a lady".