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Kenmare Resources (KMR) investor relations material
Kenmare Resources Status Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Status Update summary16 Oct, 2025
Operational and Market Overview
Q3 2025 production and shipments declined due to WCP A upgrade work, vessel maintenance, and a customer in financial distress, with ilmenite output down 19% YoY and shipments down 25% YoY.
WCP A upgrade, a $341 million project, is over 80% complete, with commissioning underway and full capacity expected by year-end, unlocking access to the Nataka ore body for long-term production.
The mine operates with a low environmental footprint, using hydro-generated power and progressive land rehabilitation, and is included in the FTSE4Good Index for sustainability.
Safety performance improved, with a lost time injury frequency rate of 0.02 per 200,000 hours and the WCP A Projects team remaining LTI-free since project start.
Concentrates production rose 58% YoY, benefiting from the first commercial shipment of the new ZrTi product.
Financial Performance and Capital Allocation
EBITDA margins ranged from 28–40% in recent years, with H1 2025 at 30%, and over $300 million returned to shareholders since 2019 through dividends and buybacks.
Net debt increased from $25 million at end-2024 to $85 million by June 30, 2025, reflecting project investment.
2025 interim dividend was set at $0.10 per share, with a policy to return 20–40% of profit after tax as dividends.
Sustaining and improvement CapEx post-WCP A is expected at $30–50 million annually, with no major new development CapEx planned.
Future capital allocation will prioritize balance sheet stabilization, continued dividends, opportunistic M&A, and potential share buybacks.
Market Conditions and Outlook
Ilmenite and zircon prices softened in 2025 due to global oversupply, especially from China, with recovery expected toward late 2026 as supply tightens.
Demand for high-grade zircon remains stable, and nearly all 2025 zircon production is expected to be sold.
2025 ilmenite production guidance is 930,000–960,000 tonnes, now expected at the lower end of the range due to delayed upgrade work.
A major customer defaulted on a $9–9.3 million payment, with title to goods retained and recovery efforts ongoing.
HMC and finished product inventories increased in Q3, with drawdown expected in Q4 as shipping capacity normalizes.
How will the 65kt ilmenite volume be placed?
What is the risk of IA arbitration?
Nataka transition impact on 2026 production?
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Next Kenmare Resources earnings date
H2 202525 Mar, 2026
Next Kenmare Resources earnings date
H2 202525 Mar, 2026
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Frequently asked questions
Kenmare Resources plc is a mineral sand products company. The Company produces and sells mineral sand products in China, Europe, the United States and internationally. It operates the Moma Titanium Minerals Mine located on the northeast coast of Mozambique. The company was incorporated in 1972 and is headquartered in Dublin, Ireland.
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