Kenmare Resources (KMR) Mining Forum Europe 2026 summary

Company overview and operations

• Operates the Moma Titanium Minerals Mine in Mozambique, a major contributor to the local and national economy, with over 100 years of mineral resources at current production rates.

• Produces ilmenite, zircon, and rutile, supplying 6% of global titanium minerals and ranking as the fourth largest producer globally.

• Invested over $1 billion in assets, with recent capital investments preparing for decades of future mining.

• Employs a predominantly Mozambican workforce, with a strong focus on local upskilling and leadership development.

• Maintains a low-cost industry position, aiming to survive market troughs and maximize cash generation during upcycles.

Market conditions and financial performance

• Currently experiencing a low point in the pricing cycle, resulting in a modest loss in 2025 after a 60% EBITDA margin in 2022.

• Signs of market improvement are emerging, with cost-cutting and capital deferral measures in place to manage net debt.

• Ilmenite prices weakened in 2025 but are stabilizing in 2026; zircon prices have started to recover.

• About 60% of products are sold on long-term contracts with price revisions once or twice a year.

• Industry forecasts suggest a more positive outlook for ilmenite and zircon in coming years, though 2026 is expected to remain challenging.

Capital investment and production outlook

• Major capital program completed, with 80% finished by end of 2025 and commissioning underway.

• Production was down 20% for ilmenite and 15% for heavy mineral concentrate in 2025 due to capital projects, with similar levels expected in 2026.

• Targeting a ramp-up to 1.2 million tons per annum as operations shift to the Nataka ore body, which holds 70% of reserves.

• Future capital expenditure will be significantly reduced, with cash flows expected to be unencumbered from 2026-2027 onward.