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Kenmare reports slight improvement in full-year ilmenite output, shipments

Moma Titanium Minerals mine, in Mozambique

Moma Titanium Minerals mine, in Mozambique

20th January 2025

By: Marleny Arnoldi

Senior Deputy Editor Online

     

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London-listed Kenmare Resources delivered a strong finish to the year ended December 31, having exceeded the midpoint of its production guidance range for ilmenite and the upper end of guidance ranges for all other products.

The company managed to pay $48-million in dividends for the year, as well as invested $140-million in capital programmes aimed at upgrading and transitioning the company’s largest mining plant to the Nataka deposit.

The company’s net debt position of $24.8-million reflects ongoing development capital expenditure.

Kenmare produced 1.44-million tonnes of heavy mineral concentrate (HMC) from its Moma titanium minerals mine, in Mozambique, with record excavated ore tonnages having been offset by lower grades to ultimately match the production of 2023.

The company produced one-million tonnes of ilmenite for the year, marking a 2% year-on-year increase owing to higher ilmenite content in the HMC and stronger recoveries.

Kenmare shipped 4% more product in the year, with the bulk (611 000 t) of a total 1.08-million tonnes shipped having occurred in the second half of the year.

The company expects its full-year dividend to be at the upper end of its payout ratio of between 20% and 40% of profit after tax.

Kenmare expects demand for all its products to remain robust this year, with sales estimated to exceed production in 2025.

The company has set its ilmenite production guidance for the new year at between 930 000 t and 1.05-million tonnes.

Kenmare plans to spend about $155-million on development projects and studies this year.

The company’s wet concentrator plant transition project to Nataka remains on budget and on track for connection with the new module in the third quarter of the year.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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