Business
Half-Yearly Financial Report for the six mont...
Kenmare Resources plc's half-yearly financial report for the six months ended 30 June 2025 shows mineral product revenue of $159.6 million, a 3% year-on-year increase. Adjusted EBITDA (excluding a $100.3 million impairment loss) was $47.2 million, representing a 30% margin, down 25% year-on-year due to higher operating costs. Adjusted profit after tax was $6.1 million, down 71% year-on-year. The company declared an interim dividend of USc10 per share. Cash operating costs increased to $248 per tonne of finished product (up 14% year-on-year). Net debt at the end of H1 2025 was $85.1 million, including $46.5 million in cash and cash equivalents, with $70 million available on an undrawn credit facility. Ilmenite production was 449,400 tonnes, a 1% year-on-year increase; total finished product production was 500,800 tonnes (up 2% year-on-year). Shipments were 488,900 tonnes (up 2% year-on-year). The Wet Concentrator Plant A upgrade project is progressing well, with $208 million spent to date (60% of the total $341 million budget). 2025 development capital guidance increased to $165 million from $150 million. The company is negotiating with the Mozambique government for the renewal o...
About this update from Kenmare Resources Plc
[{"type":"text","content":"\n\n \n \n\n Half-Yearly Financial Report for the six months to 30 June 2025 and interim dividend\n\nKenmare Resources plc(“Kenmare” or “the Company” or “the Group”) 20 August 2025 Half-Yearly Financial Report for the six months to 30 June 2025 and interim dividend Kenmare Resources plc (LSE:KMR, ISE:KMR), one of the leading global producers of titanium minerals and zircon, which operates the Moma Titanium Minerals Mine (the \"Mine\" or \"Moma\") in northern Mozambique, today publishes its Half-Yearly Financial Report for the six-month period ended 30 June 2025 (“H1 2025”) and announces its interim dividend for 2025. Statement from Tom Hickey, Managing Director: “Kenmare generated $159.6 million of mineral product revenue in H1, with adjusted EBITDA1 of $47.2 million, representing a margin of 30%. The Board has recommended a 2025 interim dividend of USc10 per share, and we remain well capitalised to fund our development project and future shareholder returns. As we progress further into Q3, Kenmare remains on track to achieve its 2025 production and cost guidance. Shipments are expected to be stronger in H2 and we are progressing an opportunity to supplement shipping capacity further by renting a third transshipment vessel for the coming months. Work on the Wet Concentrator Plant A upgrade project is advancing well, with no change to its $341 million budget. Demand for Kenmare’s products remains encouraging and ilmenite prices in H1 2025 were only marginally below those of H2 2024. As announced in our Q2 and H1 Production Report, we have taken the decision to lower our longer-term pricing assumptions, which has led us to recognise a non-cash impairment of just over $100 million on our assets. This is a non-cash charge, with no anticipated impact on our operations, projects or financing facilities, or the Company’s ability to pay dividends. The Company has been in negotiations with the Government of Mozambique for almost three years regarding the renewal of Moma’s Implementation Agreement and we are concerned at the continued extension of this process. While we remain hopeful of a successful conclusion to negotiations, we reserve the right to safeguard Kenmare’s contractual entitlements, up to and including arbitration, if an agreement cannot be reached.” Notes Adjusted EBITDA is EBITDA excluding the impairment loss. H1 2025 over...