| 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 sort of flooring losses.
Concentrates encompass further 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 have been no LTIs in This fall. Two LTIs have 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% enhance YoY. This resulted from a 11% enhance in dug deep into ore tonnes as an end result of excellent throughputs and operating time at WCP B and C, and a 3% enhance in ore qualities, nonetheless partly balanced out by boosted mining losses, as an end result of better 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 yr for ore qualities, up 31% contrasted to Q3 2024, because of WCP B mining a location of better 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 have 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 gadgets in This fall 2024 contrasted to This fall 2023. Ilmenite manufacturing was up 14% to 307,400 tonnes, benefiting from the 11% enhance in HMC refined and better ilmenite materials within the HMC. Primary zircon manufacturing was up 5% because of the better 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 gadgets.
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 gadgets 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, benefiting from enhanced healings and better ilmenite materials within the HMC refined. Primary zircon manufacturing was down 1% YoY because of an accumulation of non-magnetic intermediate provide in This fall, anticipated to be attracted down in 2025. Rutile manufacturing was up 17% YoY because of enhanced healings complying with circuit enhancements and focuses manufacturing was up 1%, benefiting from 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 yr for deliveries, with portions of 308,300 tonnes. Shipments have 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 better value 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 value zircon deliveries being postponed from June proper into July and no rutile was delivered within the preliminary fifty % of the yr.
Total deliveries in 2024 have been 1,088,600 tonnes, up 4% contrasted to 2023, sustained by boosted manufacturing of ended up gadgets and benefiting from frequently stable shopper 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 first of the yr, because of a proportion of HMC in provide being attracted down for dealing with all year long. Closing provide of ended up gadgets 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 better than frequent 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 job stays on finances plan, with improve jobs remaining to improvement, consequently significantly derisking the job. At completion of This fall, 75% of the job finances 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 observe with the timetable for it to get in contact with the brand-new part 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 components of the brand-new part for WCP A, which incorporates 42 pontoons, an increase container, an prematurely desliming circuit, vital steelwork and shows, are at the moment 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 period 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 enable 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 fully dry mining procedures which are restricted by groundwater levels, which defend in opposition to the elimination of ore listed beneath the water degree. The SMO is anticipated to generate about 50,000 tonnes of HMC per yr.
The SMO constructing process is nicely progressed at Moma, with appointing of the preliminary part of the plant anticipated to start in late January and the 2nd part inFebruary The capital funding is ready for to be a lot lower than $6 million and the job stays on finances plan.
The intro of the SMO sustains Kenmare’s functionality to produce ilmenite manufacturing in 2025 that’s usually in accordance with 2023 and 2024 levels, whatever the meant 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 appearing 2024 reward of USc15.0 per share, standing for an entire appearing 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 fee proportion of 20-40% of income after tax obligation.
Cash and money cash matchings have been $56.9 million at year-end (2023: $71.0 million). Gross small enterprise mortgage, consisting of constructed up price of curiosity, have been $80.4 million (2023: $48.8 million) and lease obligations have been $1.3 million (2023: $1.5 million). As an end 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 era, 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 underneath 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 fully stress and influence pending verdict of the process.
The preliminary revival day was 21 December 2024. However, because 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 further 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 enroll 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 shopper want for Kenmare’s gadgets. However, the standard price obtained lowered contrasted to 2023, as anticipated, because of boosted provide surpassing want. Despite this, the Company thinks the fundamentals for its gadgets are stable, due principally to tool- and long-lasting provide restraints inside the titanium feedstocks market and the great qualities of its gadgets. Kenmare’s typical price obtained was extra highly effective in H2 than H1 because of a better value merchandise combine within the 2nd fifty % as an end result of two zircon deliveries being postponed from June to July.
Global want for titanium feedstocks received to a doc excessive all year long, sustained by stable want from arising markets corresponding to South America and Asia (leaving out China). The titanium metal market moreover remained to eat appreciable quantities of titanium feedstocks because 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 better than made up for the minimized manufacturing from mines nearing completion of their lives.
Kenmare is well-positioned because of the adaptable nature of its ilmenite merchandise assortment and its functionality to supply its gadgets proper into a number of market sections. The Company is a beneficial supplier to the beneficiation market because of the premium high quality, lowered pollutant nature of its ilmenite, which attains a prices in the marketplace. Most brand-new provide is just not 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 steered anti-dumping obligations from theEuropean Commission While these insurance policies minimized Chinese exports to Europe, China boosted its exports to varied different areas, corresponding to varied different Asian nations, tremendously 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 tough yr for the worldwide zircon market, influencing Kenmare’s obtained prices. Although there was a partial recuperation in Q1, underlying want stayed weak because 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 | $/ t | 206-228 | N/R2 |
Concentrates encompass further zircon, mineral sands focus and 25,000 tonnes of a brand-new focuses merchandise
To be reported fully yr financial declarations.
Ilmenite manufacturing in 2025 is anticipated to be in between 930,000 and 1,050,000 tonnes, with HMC manufacturing at an everyday diploma all year long. Grades are anticipated to be better in H1 than H2, nonetheless dug deep into ore portions are anticipated to spice up in H2, tremendously because of the appointing of the brand-new better means digs up at WCP A, countering the weak high quality. Finished merchandise manufacturing is anticipated to be enhanced by the enhancement of 25,000 tonnes of a brand-new focuses merchandise, which is consisted of in focuses manufacturing assist.
Shipments are anticipated to surpass manufacturing in 2025, sustained by excessive levels of ended up merchandise provide.
Total money cash working expense for 2024 are ready for to be within the course of the highest finish of assist ($ 219-243 million). Full data 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 job. Kenmare directed in July 2024 that capital funding on the WCP A job 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 job stays on finances 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 sources bills in 2025 are anticipated to be about $38 million. Sustaining sources is usually about $30 million per yr but it rises in 2025 because of the meant five-yearly fully 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 further 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 gadgets.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 shoppers operating in better than 15 nations. Kenmare creates fundamental supplies which are inevitably eaten in day-to-day quality-of life issues corresponding to paints, plastics and ceramic ground tiles.
All monetary portions describe United States bucks until or else steered.
Forward Looking Statements
This information consists of some progressive declarations that stand for Kenmare’s assumptions for its group, primarily based 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 risk 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.
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