| This fall 2024 | vs This fall 2023 | vs Q3 2024 | 2024 | vs 2023 | |
| tonnes | % adjustment | % adjustment | tonnes | % adjustment | |
| Excavated ore 1 | 10,333,000 | 11% | -7% | 41,248,000 | 7% |
| Grade 1 | 4.96% | 3% | 31% | 4.17% | -5% |
| Production | |||||
| HMC created | 432,300 | 8% | 22% | 1,446,600 | 0% |
| HMC refined | 442,100 | 11% | 24% | 1,449,200 | 0% |
| Ilmenite | 307,400 | 14% | 19% | 1,008,900 | 2% |
| Primary zircon | 14,700 | 5% | 1% | 50,500 | -1% |
| Rutile | 2,900 | 38% | 0% | 9,800 | 17% |
| Concentrates 2 | 11,200 | 7% | -17% | 46,100 | 1% |
| Shipments | 308,300 | -5% | 2% | 1,088,600 | 4% |
Excavated ore and high quality earlier than any kind of flooring losses.
Concentrates encompass extra zircon, mineral sands focus and a brand-new focuses merchandise.
Kenmare handed the turning level of two million hours functioned with out an LTI in very early January 2025. There had been no LTIs in This fall. Two LTIs had been tape-recorded within the twelve month to 31 December 2024, contrasted to five in 2023, inflicting an enhanced rolling 12-month LTIFR of 0.06 per 200,000 hours functioned (31 December 2023: 0.15).
HMC manufacturing in This fall 2024 was 432,300 tonnes, an 8% increase YoY. This resulted from a 11% increase in dug deep into ore tonnes as an final result of excellent throughputs and working time at WCP B and C, and a 3% increase in ore qualities, nonetheless partly balanced out by boosted mining losses, as an final result of higher scums at WCP A. This drawback is anticipated to be fastened by the brand-new WCP An prematurely desliming circuit, which is presently unfinished. As anticipated, This fall was the best quarter of the 12 months for ore qualities, up 31% contrasted to Q3 2024, on account of WCP B mining a location of higher high quality product.
HMC manufacturing in 2024 was 1,446,600 tonnes, usually in accordance with 2023, though with significantly enhanced manufacturing in H2 (787,600 tonnes versus 659,000 tonnes in H1 2024). 2024 stands for a brand-new yearly doc for dug deep into ore portions, which had been up 7% YoY. This partly balanced out the 5% discount in ore qualities YoY, as WCP A comes near completion of its mine course in Namalope.
Kenmare provided significantly extra highly effective manufacturing of all ended up objects in This fall 2024 contrasted to This fall 2023. Ilmenite manufacturing was up 14% to 307,400 tonnes, making the most of the 11% increase in HMC refined and higher ilmenite materials within the HMC. Primary zircon manufacturing was up 5% on account of the higher HMC refined partly balanced out by an accumulation in intermediate provides. Rutile manufacturing was up 38% YoY, with December standing for a brand-new common month-to-month doc for rutile manufacturing. Improvements through 2024 was due to circuit upgrades, which have truly made it doable for boosted healings. Concentrates manufacturing was up 7%, with the boosted HMC refined partly balanced out by the previously said provide develop and extra highly effective recuperation to key objects.
Kenmare surpassed the omphalos of producing assist for ilmenite in 2024 and the highest finish of the assist array for key zircon, rutile and focuses. Total manufacturing of ended up objects was 1,115,300 tonnes, up 2% YoY (2023: 1,091,500 tonnes), no matter degree HMC refined.
Ilmenite manufacturing was 1,008,900 tonnes in 2024, up 2% YoY, making the most of enhanced healings and higher ilmenite materials within the HMC refined. Primary zircon manufacturing was down 1% YoY on account of an accumulation of non-magnetic intermediate provide in This fall, anticipated to be attracted down in 2025. Rutile manufacturing was up 17% YoY on account of enhanced healings complying with circuit enhancements and focuses manufacturing was up 1%, making the most of the manufacturing of a brand-new focuses merchandise that was supplied on a check foundation in Q3. This merchandise will definitely be supplied on a enterprise foundation in 2025.
This fall 2024 was the best quarter of the 12 months for deliveries, with portions of 308,300 tonnes. Shipments had been down 5% YoY, though H2 2024 (611,000 tonnes) was significantly extra highly effective than H1 2024 (477,600 tonnes). Shipment portions in This fall 2024 made up 261,300 tonnes of ilmenite, 30,300 tonnes of key zircon, 3,700 tonnes of rutile and 13,000 tonnes of focuses.
The merchandise combine was higher price in H2 than H1, with 42,800 tonnes of key zircon delivered in H2 (H1: 8,800 tonnes) and seven,400 tonnes of rutile (H1: 0). The merchandise combine in H1 2024 was affected by 2 excessive price zircon deliveries being postponed from June proper into July and no rutile was delivered within the preliminary fifty % of the 12 months.
Total deliveries in 2024 had been 1,088,600 tonnes, up 4% contrasted to 2023, sustained by boosted manufacturing of ended up objects and making the most of frequently stable client want. Shipments all year long made up 989,000 tonnes of ilmenite, 51,600 tonnes of key zircon, 7,400 tonnes of rutile and 40,600 tonnes of focuses.
Closing provide of HMC on the finish of 2024 was 14,100 tonnes, in comparison with 16,700 tonnes at the start of the 12 months, on account of a proportion of HMC in provide being attracted down for dealing with all year long. Closing provide of ended up objects on the finish of 2024 was 287,200 tonnes, in comparison with 259,100 tonnes on the finish of 2023. Due to stable manufacturing in H2 2024 and excessive levels of ended up merchandise provide on the finish of the preliminary fifty %, Kenmare had higher than widespread levels of ended up merchandise provide at year-end. Shipments are anticipated to surpass manufacturing in 2025 and drive a lower in ended up merchandise provide levels.
Capital duties improve
WCP A improve and shift to Nataka
The WCP A process stays on funds plan, with improve jobs remaining to improvement, consequently significantly derisking the job. At completion of This fall, 75% of the job funds plan had truly been devoted, in accordance with assumptions. WCP A is presently extracting a location 750 metres from the internet hosting fish pond, which will get on monitor with the timetable for it to get in contact with the brand-new element in Q3 2025.
The building of each brand-new dredges stays to advance with the job skilled within theNetherlands The digs up are anticipated to be launched proper into the water on the skilled’s anchors over the approaching weeks, with all building ready for to complete in Q2. They will definitely after that be delivered to Moma by sea for appointing in Q3.
All of the first elements of the brand-new element for WCP A, which incorporates 42 pontoons, an increase container, an prematurely desliming circuit, important steelwork and shows, are at present on web site and constructing is progressing to timetable, with appointing anticipated in Q3.
Construction of the Tailings Storage Facility has truly been affected by permitting hold-ups related with the Mozambique fundamental political election. Construction begun in mid-January, with appointing organized for This fall. Management of scums throughout length of Q3 has truly been match inside the mine technique.
Selective Mining Operation (“SMO”)
The intro of a brand-new small dredge-mining and focusing process, or SMO, will definitely permit mining in outer places of Mineral Resources within the Pilivili excessive dunes and Namalope Flats on theMine These places are lowered in scums, over typical high quality and never accessible by the larger WCPs or current utterly dry mining procedures which are restricted by groundwater levels, which defend towards the elimination of ore listed beneath the water degree. The SMO is anticipated to generate about 50,000 tonnes of HMC per 12 months.
The SMO constructing process is effectively progressed at Moma, with appointing of the preliminary element of the plant anticipated to start in late January and the 2nd element inFebruary The capital funding is ready for to be a lot lower than $6 million and the job stays on funds plan.
The intro of the SMO sustains Kenmare’s functionality to provide ilmenite manufacturing in 2025 that’s usually in accordance with 2023 and 2024 levels, whatever the supposed downtime for WCP A wanted to advertise the substitute of the dredges and the improve of the plant.
Finance and enterprise improve
Dividends and year-end money cash and monetary debt
On 11 October 2024, Kenmare paid its performing 2024 reward of USc15.0 per share, standing for an entire performing circulation of $13.4 million. The Company anticipates full returns in regard of 2024 to be on the high finish of Kenmare’s reward plan cost proportion of 20-40% of income after tax obligation.
Cash and money cash matchings had been $56.9 million at year-end (2023: $71.0 million). Gross small enterprise mortgage, consisting of constructed up fee of curiosity, had been $80.4 million (2023: $48.8 million) and lease obligations had been $1.3 million (2023: $1.5 million). As an final result, the Company had web monetary debt of $24.8 million at year-end (2023: $20.7 million web money cash). Supported by on-going money cash technology, available current possessions and its Revolving Credit Facility, Kenmare stays well-capitalised to cash the WCP A funding job and its reward program.
Implementation Agreement
Kenmare has truly concurred in idea to particular alterations to the related monetary funding routine concerning the revival of civil liberties below the IA and the revival and alterations are ready for issue to contemplate at Ministerial diploma. In the in the meantime, the Ministry of Industry and Commerce has truly supplied verification that Kenmare’s current civil liberties and benefits keep utterly stress and affect pending verdict of the process.
The preliminary revival day was 21 December 2024. However, on account of hold-ups related with the present Mozambique fundamental political election, the revival, along with others of a comparable nature, will definitely be points to be dealt with by the inbound Government.
An extra improve on the revival of the IA will definitely be supplied ultimately.
Appointment of Chief Financial Officer
As revealed on 20 December 2024, James McCullough has truly been chosen as Kenmare’s Chief Financial Officer and he will definitely join with the Company on 1 May 2025. James brings substantial mining, tactical and financial expertise to Kenmare, having truly supplied for 14 years with Rio Tinto Plc, most only in the near past as General Manager -Group Strategy James prospers Tom Hickey, that was previously Finance Director previous to being chosen as Managing Director in August 2024.
Market improve
Kenmare’s deliveries boosted by 4% in 2024, mirroring frequently stable client want for Kenmare’s objects. However, the everyday fee obtained lowered contrasted to 2023, as anticipated, on account of boosted provide surpassing want. Despite this, the Company thinks the fundamentals for its objects are stable, due principally to tool- and long-lasting provide restraints inside the titanium feedstocks market and the nice qualities of its objects. Kenmare’s typical fee obtained was extra highly effective in H2 than H1 on account of a higher price merchandise combine within the 2nd fifty % as an final result of two zircon deliveries being postponed from June to July.
Global want for titanium feedstocks obtained to a doc excessive all year long, sustained by stable want from arising markets resembling South America and Asia (leaving out China). The titanium metal market moreover remained to eat appreciable quantities of titanium feedstocks on account of its increasing manufacturing.
However, provide expanded way more extremely, with boosted exports of Heavy Mineral Concentrate to China from Mozambique, Sierra Leone, andIndonesia This brand-new provide moreover higher than made up for the minimized manufacturing from mines nearing completion of their lives.
Kenmare is well-positioned on account of the adaptable nature of its ilmenite merchandise assortment and its functionality to supply its objects proper into a number of market sections. The Company is a beneficial supplier to the beneficiation market on account of the premium high quality, lowered pollutant nature of its ilmenite, which attains a prices available on the market. Most brand-new provide shouldn’t be acceptable for this market part, which sustains want for Kenmare’s ilmenite, and it’s increasing a lot quicker than the worldwide titanium feedstocks market.
Pigment manufacturing in China proceeded at excessive levels in 2024, no matter prompt anti-dumping obligations from theEuropean Commission While these insurance policies minimized Chinese exports to Europe, China boosted its exports to numerous different areas, resembling numerous different Asian nations, enormously countering this impact. Pigment manufacturing in Europe boosted significantly in 2024, as producers reacted to the minimized schedule of Chinese pigment. Both fads moreover sustained want for Kenmare’s ilmenite all year long.
2024 was a troublesome 12 months for the worldwide zircon market, influencing Kenmare’s obtained prices. Although there was a partial recuperation in Q1, underlying want stayed weak on account of comfortable qualities in China’s constructing trade.
2025 assist
2025 assist for manufacturing and working expense is as adheres to:
| Unit | 2025 Guidance | 2024 Actual | |
| Production | |||
| Ilmenite | tonnes | 930,000-1,050,000 | 1,008,900 |
| Primary zircon | tonnes | 47,500-54,000 | 50,500 |
| Rutile | tonnes | 9,000-10,000 | 9,800 |
| Concentrates 1 | tonnes | 63,000-69,000 | 46,100 |
| Costs | |||
| Total money cash working expense | $m | 228-252 | N/R2 |
| Cash units you again per tonne of ended up merchandise | $/ t | 206-228 | N/R2 |
Concentrates encompass extra zircon, mineral sands focus and 25,000 tonnes of a brand-new focuses merchandise
To be reported utterly 12 months financial declarations.
Ilmenite manufacturing in 2025 is anticipated to be in between 930,000 and 1,050,000 tonnes, with HMC manufacturing at a daily diploma all year long. Grades are anticipated to be higher in H1 than H2, nonetheless dug deep into ore portions are anticipated to spice up in H2, enormously on account of the appointing of the brand-new higher capability digs up at WCP A, countering the weak high quality. Finished merchandise manufacturing is anticipated to be enhanced by the enhancement of 25,000 tonnes of a brand-new focuses merchandise, which is consisted of in focuses manufacturing assist.
Shipments are anticipated to surpass manufacturing in 2025, sustained by excessive levels of ended up merchandise provide.
Total money cash working expense for 2024 are ready for to be within the course of the highest finish of assist ($ 219-243 million). Full info of 2024 bills will definitely be supplied with the 2024Preliminary Results Total money cash working expense in 2025 are ready for to be usually in accordance with 2024 at $228-252 million.
Expenditure on development duties and researches is anticipated to be about $155 million in 2025, with $150 million associating with the WCP A process. Kenmare directed in July 2024 that capital funding on the WCP A process would definitely be $128 million in 2025. The Company sustained a lot much less capital funding than anticipated in 2024 so a bit of this was accepted 2025. The WCP A process stays on funds plan, with a whole value quote of $341 million.
Improvement duties are anticipated to set you again $7 million in 2025 and connect with a wide range of efforts, consisting of researches associating with a doable Enterprise Resource Planning system and upgrades to the Mineral Separation Plant.
Sustaining assets bills in 2025 are anticipated to be about $38 million. Sustaining assets is often about $30 million per 12 months but it rises in 2025 on account of the supposed five-yearly utterly dry dock of the Peg, amongst Kenmare’s transshipment vessels, and the anticipated acquisition of a 2nd Selective Mining Operation.
Notice of 2024 Preliminary Results
Kenmare intends to launch its 2024 Preliminary Results on Wednesday, 26 March 2025.
For extra particulars, please name:
Kenmare Resources plc
Jeremy Dibb/ Katharine Sutton
Investor Relations
…
Tel: +353 1 671 0411
Mob: +353 87 943 0367/ +353 87 663 0875
Murray (public relations professional)
Paul O’Kane
…
Tel: +353 1 498 0300
Mob: +353 86 609 0221
About Kenmare Resources
Kenmare Resources plc is simply one of many globe’s greatest producers of mineral sands objects.Listed on theLondon Stock Exchange and the Euronext Dublin, Kenmare runs the Moma Titanium Minerals Mine inMozambique Moma’s manufacturing make up about 7% of worldwide titanium feedstocks and the Company merchandise to purchasers working in higher than 15 nations. Kenmare creates fundamental supplies which are inevitably eaten in day-to-day quality-of life issues resembling paints, plastics and ceramic ground tiles.
All monetary portions describe United States bucks except or else prompt.
Forward Looking Statements
This information consists of some progressive declarations that stand for Kenmare’s assumptions for its group, based mostly upon current assumptions regarding future events, which by their nature entail risks and unpredictabilities. Kenmare thinks that its assumptions and presumptions relative to those progressive declarations are smart. However, since they entail menace and unpredictability, which stay in some conditions previous Kenmare’s management, actual outcomes or effectivity would possibly fluctuate materially from these revealed or indicated by such progressive particulars.
MENAFN20012025004107003653ID1109107403
