Kenmare Resources PLC
LSE:KMR
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Kenmare Resources PLC
LSE:KMR
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Kenmare Resources PLC
Kenmare Resources Plc explores, develops and operates natural resources and mines. The company is headquartered in Dublin, Dublin and currently employs 1,551 full-time employees. The firm is engaged in the operation of Moma Titanium Minerals Mine, which is located on the north east coast of Mozambique. The company produces titanium minerals and zircon. The firm supplies to customers operating in more than 15 countries. The Company’s products are consumed in items, such as paints, plastics, and ceramic tiles.
Kenmare Resources Plc explores, develops and operates natural resources and mines. The company is headquartered in Dublin, Dublin and currently employs 1,551 full-time employees. The firm is engaged in the operation of Moma Titanium Minerals Mine, which is located on the north east coast of Mozambique. The company produces titanium minerals and zircon. The firm supplies to customers operating in more than 15 countries. The Company’s products are consumed in items, such as paints, plastics, and ceramic tiles.
Operational Stability: Kenmare’s operations were stable and safe in H1 2025, with no lost time injuries and strong project delivery progress despite some local disruptions in Mozambique.
Revenue & Profitability: Revenue saw a slight uptick due to a favorable product mix and higher shipments, though prices declined modestly; EBITDA was $47 million with a 30% margin.
Cost Inflation: Operating costs increased by 16%, mainly due to higher labor, overhead, security, and legal costs related to a possible takeover offer and unrest in Mozambique.
Project Progress: The $341 million WCP A upgrade is about 60% complete, with major milestones achieved; CapEx peaked in H1 and is expected to decline sharply from 2026.
Market Conditions: Market pricing remains subdued due to oversupply, particularly from Chinese and African producers, with only modest demand growth expected near-term.
Implementation Agreement: Negotiations with the Mozambique government over fiscal terms continue, with Kenmare proposing a phased royalty increase up to 3.5%; agreement is not yet finalized.
Dividend Commitment: An interim dividend of $0.10 per share was declared, continuing the company’s track record of shareholder returns through the investment cycle.
Guidance Maintained: Management reaffirmed 2025 production and cost guidance, with CapEx phasing updated but overall project cost unchanged.
