| Q4 2024 | vs Q4 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 quality before any type of flooring losses.
Concentrates consist of additional zircon, mineral sands focus and a brand-new focuses item.
Kenmare passed the turning point of 2 million hours functioned without an LTI in very early January 2025. There were no LTIs in Q4. Two LTIs were tape-recorded in the twelve month to 31 December 2024, contrasted to 5 in 2023, causing an enhanced rolling 12-month LTIFR of 0.06 per 200,000 hours functioned (31 December 2023: 0.15).
HMC manufacturing in Q4 2024 was 432,300 tonnes, an 8% boost YoY. This resulted from a 11% boost in dug deep into ore tonnes as an outcome of superb throughputs and running time at WCP B and C, and a 3% boost in ore qualities, nonetheless partly balanced out by boosted mining losses, as an outcome of greater scums at WCP A. This problem is anticipated to be fixed by the brand-new WCP An in advance desliming circuit, which is presently unfinished. As anticipated, Q4 was the greatest quarter of the year for ore qualities, up 31% contrasted to Q3 2024, as a result of WCP B mining a location of greater quality product.
HMC manufacturing in 2024 was 1,446,600 tonnes, generally in accordance with 2023, although with considerably enhanced manufacturing in H2 (787,600 tonnes versus 659,000 tonnes in H1 2024). 2024 stands for a brand-new yearly document for dug deep into ore quantities, which were up 7% YoY. This partly balanced out the 5% reduction in ore qualities YoY, as WCP A comes close to completion of its mine course in Namalope.
Kenmare supplied considerably more powerful manufacturing of all ended up items in Q4 2024 contrasted to Q4 2023. Ilmenite manufacturing was up 14% to 307,400 tonnes, taking advantage of the 11% boost in HMC refined and greater ilmenite material in the HMC. Primary zircon manufacturing was up 5% as a result of the greater HMC refined partly balanced out by an accumulation in intermediate supplies. Rutile manufacturing was up 38% YoY, with December standing for a brand-new regular monthly document for rutile manufacturing. Improvements via 2024 was because of circuit upgrades, which have actually made it possible for boosted healings. Concentrates manufacturing was up 7%, with the boosted HMC refined partly balanced out by the formerly stated supply develop and more powerful recuperation to key items.
Kenmare surpassed the omphalos of manufacturing support for ilmenite in 2024 and the top end of the support array for key zircon, rutile and focuses. Total manufacturing of ended up items was 1,115,300 tonnes, up 2% YoY (2023: 1,091,500 tonnes), regardless of level HMC refined.
Ilmenite manufacturing was 1,008,900 tonnes in 2024, up 2% YoY, taking advantage of enhanced healings and greater ilmenite material in the HMC refined. Primary zircon manufacturing was down 1% YoY as a result of an accumulation of non-magnetic intermediate supply in Q4, anticipated to be attracted down in 2025. Rutile manufacturing was up 17% YoY as a result of enhanced healings complying with circuit enhancements and focuses manufacturing was up 1%, taking advantage of the manufacturing of a brand-new focuses item that was offered on a test basis in Q3. This item will certainly be offered on a business basis in 2025.
Q4 2024 was the greatest quarter of the year for deliveries, with quantities of 308,300 tonnes. Shipments were down 5% YoY, although H2 2024 (611,000 tonnes) was considerably more powerful than H1 2024 (477,600 tonnes). Shipment quantities in Q4 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 item mix was greater worth in H2 than H1, with 42,800 tonnes of key zircon delivered in H2 (H1: 8,800 tonnes) and 7,400 tonnes of rutile (H1: 0). The item mix in H1 2024 was affected by 2 high worth zircon deliveries being postponed from June right into July and no rutile was delivered in the initial fifty percent of the year.
Total deliveries in 2024 were 1,088,600 tonnes, up 4% contrasted to 2023, sustained by boosted manufacturing of ended up items and taking advantage of continually solid consumer need. Shipments throughout the year 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 supply of HMC at the end of 2024 was 14,100 tonnes, compared to 16,700 tonnes at the beginning of the year, as a result of a percentage of HMC in supply being attracted down for handling throughout the year. Closing supply of ended up items at the end of 2024 was 287,200 tonnes, compared to 259,100 tonnes at the end of 2023. Due to solid manufacturing in H2 2024 and high degrees of ended up item supply at the end of the initial fifty percent, Kenmare had greater than common degrees of ended up item supply at year-end. Shipments are anticipated to surpass manufacturing in 2025 and drive a decrease in ended up item supply degrees.
Capital tasks upgrade
WCP A upgrade and shift to Nataka
The WCP A task stays on budget plan, with upgrade jobs remaining to development, consequently considerably derisking the job. At completion of Q4, 75% of the job budget plan had actually been devoted, in accordance with assumptions. WCP A is presently extracting a location 750 metres from the hosting fish pond, which gets on track with the timetable for it to get in touch with the brand-new component in Q3 2025.
The construction of both brand-new dredges remains to advance with the job professional in theNetherlands The digs up are anticipated to be introduced right into the water at the professional’s anchors over the coming weeks, with all construction prepared for to finish in Q2. They will certainly after that be delivered to Moma by sea for appointing in Q3.
All of the primary parts of the brand-new component for WCP A, which includes 42 pontoons, a rise container, an in advance desliming circuit, significant steelwork and displays, are currently on website and building is progressing to timetable, with appointing anticipated in Q3.
Construction of the Tailings Storage Facility has actually been affected by allowing hold-ups connected with the Mozambique basic political election. Construction begun in mid-January, with appointing arranged for Q4. Management of scums during duration of Q3 has actually been fit within the mine strategy.
Selective Mining Operation (“SMO”)
The intro of a brand-new small dredge-mining and focusing procedure, or SMO, will certainly allow mining in outer locations of Mineral Resources in the Pilivili high dunes and Namalope Flats at theMine These locations are reduced in scums, over typical quality and not available by the bigger WCPs or existing completely dry mining procedures that are restricted by groundwater degrees, which protect against the removal of ore listed below the water level. The SMO is anticipated to generate about 50,000 tonnes of HMC per year.
The SMO building procedure is well progressed at Moma, with appointing of the initial component of the plant anticipated to begin in late January and the 2nd component inFebruary The capital investment is prepared for to be much less than $6 million and the job stays on budget plan.
The intro of the SMO sustains Kenmare’s capability to supply ilmenite manufacturing in 2025 that is generally in accordance with 2023 and 2024 degrees, regardless of the intended downtime for WCP A needed to promote the substitute of the dredges and the upgrade of the plant.
Finance and business upgrade
Dividends and year-end cash money and financial debt
On 11 October 2024, Kenmare paid its acting 2024 reward of USc15.0 per share, standing for a complete acting circulation of $13.4 million. The Company anticipates complete returns in regard of 2024 to be at the top end of Kenmare’s reward plan payment proportion of 20-40% of revenue after tax obligation.
Cash and cash money matchings were $56.9 million at year-end (2023: $71.0 million). Gross small business loan, consisting of built up rate of interest, were $80.4 million (2023: $48.8 million) and lease responsibilities were $1.3 million (2023: $1.5 million). As an outcome, the Company had internet financial debt of $24.8 million at year-end (2023: $20.7 million internet cash money). Supported by on-going cash money generation, readily available present possessions and its Revolving Credit Facility, Kenmare stays well-capitalised to money the WCP A funding job and its reward program.
Implementation Agreement
Kenmare has actually concurred in concept to specific alterations to the relevant financial investment routine about the revival of civil liberties under the IA and the revival and alterations are waiting for factor to consider at Ministerial degree. In the meanwhile, the Ministry of Industry and Commerce has actually offered verification that Kenmare’s existing civil liberties and advantages stay completely pressure and impact pending verdict of the procedure.
The initial revival day was 21 December 2024. However, as a result of hold-ups connected with the current Mozambique basic political election, the revival, in addition to others of a comparable nature, will certainly be issues to be handled by the inbound Government.
An additional upgrade on the revival of the IA will certainly be offered eventually.
Appointment of Chief Financial Officer
As revealed on 20 December 2024, James McCullough has actually been selected as Kenmare’s Chief Financial Officer and he will certainly sign up with the Company on 1 May 2025. James brings substantial mining, tactical and economic experience to Kenmare, having actually offered for 14 years with Rio Tinto Plc, most just recently as General Manager -Group Strategy James prospers Tom Hickey, that was formerly Finance Director prior to being selected as Managing Director in August 2024.
Market upgrade
Kenmare’s deliveries boosted by 4% in 2024, mirroring continually solid consumer need for Kenmare’s items. However, the typical rate obtained lowered contrasted to 2023, as anticipated, as a result of boosted supply surpassing need. Despite this, the Company thinks the basics for its items are solid, due mostly to tool- and long-lasting supply restraints within the titanium feedstocks market and the good qualities of its items. Kenmare’s typical rate obtained was more powerful in H2 than H1 as a result of a greater worth item mix in the 2nd fifty percent as an outcome of 2 zircon deliveries being postponed from June to July.
Global need for titanium feedstocks got to a document high throughout the year, sustained by solid need from arising markets such as South America and Asia (leaving out China). The titanium steel market additionally remained to eat considerable amounts of titanium feedstocks as a result of its expanding manufacturing.
However, supply expanded much more highly, with boosted exports of Heavy Mineral Concentrate to China from Mozambique, Sierra Leone, andIndonesia This brand-new supply additionally greater than made up for the minimized manufacturing from mines nearing completion of their lives.
Kenmare is well-positioned as a result of the adaptable nature of its ilmenite item collection and its capability to offer its items right into several market sections. The Company is a recommended provider to the beneficiation market as a result of the premium quality, reduced pollutant nature of its ilmenite, which attains a costs on the market. Most brand-new supply is not appropriate for this market section, which sustains need for Kenmare’s ilmenite, and it is expanding much faster than the worldwide titanium feedstocks market.
Pigment manufacturing in China proceeded at high degrees in 2024, regardless of suggested anti-dumping responsibilities from theEuropean Commission While these policies minimized Chinese exports to Europe, China boosted its exports to various other areas, such as various other Asian nations, greatly countering this effect. Pigment manufacturing in Europe boosted considerably in 2024, as manufacturers reacted to the minimized schedule of Chinese pigment. Both fads additionally sustained need for Kenmare’s ilmenite throughout the year.
2024 was a difficult year for the worldwide zircon market, influencing Kenmare’s obtained costs. Although there was a partial recuperation in Q1, underlying need stayed weak as a result of soft qualities in China’s building industry.
2025 support
2025 support for manufacturing and operating 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 cash money operating expense | $m | 228-252 | N/R2 |
| Cash sets you back per tonne of ended up item | $/ t | 206-228 | N/R2 |
Concentrates consist of additional zircon, mineral sands focus and 25,000 tonnes of a brand-new focuses item
To be reported completely year economic declarations.
Ilmenite manufacturing in 2025 is anticipated to be in between 930,000 and 1,050,000 tonnes, with HMC manufacturing at a regular degree throughout the year. Grades are anticipated to be greater in H1 than H2, nonetheless dug deep into ore quantities are anticipated to boost in H2, greatly as a result of the appointing of the brand-new greater ability digs up at WCP A, countering the weak quality. Finished item manufacturing is anticipated to be enhanced by the enhancement of 25,000 tonnes of a brand-new focuses item, which is consisted of in focuses manufacturing support.
Shipments are anticipated to surpass manufacturing in 2025, sustained by high degrees of ended up item supply.
Total cash money operating expense for 2024 are prepared for to be in the direction of the top end of support ($ 219-243 million). Full information of 2024 expenses will certainly be offered with the 2024Preliminary Results Total cash money operating expense in 2025 are prepared for to be generally in accordance with 2024 at $228-252 million.
Expenditure on advancement tasks and researches is anticipated to be about $155 million in 2025, with $150 million associating with the WCP A task. Kenmare directed in July 2024 that capital investment on the WCP A task would certainly be $128 million in 2025. The Company sustained much less capital investment than anticipated in 2024 so a section of this was accepted 2025. The WCP A task stays on budget plan, with a complete price quote of $341 million.
Improvement tasks are anticipated to set you back $7 million in 2025 and connect to a variety of efforts, consisting of researches associating with a possible Enterprise Resource Planning system and upgrades to the Mineral Separation Plant.
Sustaining resources expenses in 2025 are anticipated to be about $38 million. Sustaining resources is commonly about $30 million per year yet it rises in 2025 as a result of the intended five-yearly completely dry dock of the Peg, among Kenmare’s transshipment vessels, and the expected 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 additional details, please call:
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 expert)
Paul O’Kane
…
Tel: +353 1 498 0300
Mob: +353 86 609 0221
About Kenmare Resources
Kenmare Resources plc is just one of the globe’s biggest manufacturers of mineral sands items.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 products to clients running in greater than 15 nations. Kenmare creates basic materials that are inevitably eaten in day-to-day quality-of life things such as paints, plastics and ceramic floor tiles.
All financial quantities describe United States bucks unless or else suggested.
Forward Looking Statements
This news includes some progressive declarations that stand for Kenmare’s assumptions for its organization, based upon present assumptions concerning future occasions, which by their nature entail dangers and unpredictabilities. Kenmare thinks that its assumptions and presumptions relative to these progressive declarations are sensible. However, since they entail threat and unpredictability, which remain in some situations past Kenmare’s control, real outcomes or efficiency might vary materially from those revealed or indicated by such progressive details.
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