Kenmare Resources plc is a publicly traded mining company headquartered in Dublin, Republic of Ireland. Its primary listing is on the London Stock Exchange and it has a secondary listing on Euronext Dublin (LSE and ISE ticker: KMR). Kenmare is one of the world's largest mineral sands producers and the Company owns and operates the Moma Titanium Minerals Mine. Moma is one of the world's largest titanium minerals deposits, located 160 km from the city of Nampula in Mozambique.
Kenmare is the world's fourth largest producer of titanium feedstocks (ilmenite and rutile), which are primarily used to make titanium dioxide (Ti02) pigment. Ti02 pigment impart whiteness and opacity in the manufacture of paper, paint and plastics. The company is responsible for 8% of global supply of titanium feedstocks at current production levels.
History
Kenmare was incorporated in Ireland in 1972 under the name Kenmare Oil Exploration Limited. After several years of oil exploration, the Company re-registered as a public limited company under the name Kenmare Oil Exploration Plc on 5 June 1985. On 28 July 1987, the Company changed its name to Kenmare Resources plc and in 1994 it was listed on the main market of the London Stock Exchange and the main market of the Irish Stock Exchange (now Euronext Dublin).
In 1987, the company acquired 50% of the licence for the Congolone heavy mineral sands deposit in Mozambique and during 1989, Kenmare's holding increased to 95%.
Separately, the Company operated the Ancuabe graphite mine from 1994 until 1999 when it was placed on care and maintenance due to a fall in graphite prices.
Kenmare's drilling of the Congolone deposit resulted in measured mineral resources of 167 million tonnes of ore at grade 3.3% heavy minerals, containing a recoverable 4 million tonnes of ilmenite and associated co-products rutile and zircon. In 1996, BHP became a joint venture partner with Kenmare in the development of the Congolone deposit. Over the coming years, BHP would begin appraising the Namalope, Pilivili and Mualadi deposits and identify new heavy minerals deposits, which would ultimately become the main focus of the mining project. Following the closure of some of BHP's titanium feedstocks operations, the joint venture agreement was dissolved in 1999 and by 2001 Kenmare had acquired the exclusive rights to the deposit.
Work began constructing the mine in October 2004. Production began in 2007 and Kenmare exported its first ilmenite from Moma in December 2007. Commercial production commenced in 2009.
A settling pond adjacent to the Moma Mine breached its southern wall on 8 October 2010. A non-toxic discharge of water, sand and clay flowed through the nearby village of Topuito, leaving one 4-year-old child missing. Mining at Moma is undertaken using dredges and floating concentrator plants. Once the minerals are extracted, sand and clay tailings are deposited behind the plants through a series of settling ponds. The accident occurred when a containment wall on one of these settling ponds failed during the early hours of the morning. Mining resumed the following month after some 300 homes had been rebuilt. Kenmare extensively reviewed the berm system, which surrounds the containment ponds and implemented design changes provided by independent engineering firms to prevent any future incidents.
Operations
The company's principal asset is the Moma Titanium Minerals Mine, located in Moma, Nampula Province, Mozambique. It has been in production since late 2007. In 2021 the Mine produced 1,228,500 tonnes of finished products, up 46% compared to 2020. This included 1,119,400 tonnes of ilmenite, up 48% compared to 2020. Kenmare is targeting ilmenite production (plus associated co-products) of approximately 1.2 million tonnes per annum on a sustainable basis.
The Mine produces 8% of the world's titanium feedstocks (ilmenite and rutile), which are predominantly used in the production of titanium dioxide pigment favoured for its whiteness and opacity in paper, paint and plastics.
The Moma Mine also produces zircon, an important raw material in the manufacture of ceramics, and mineral sands concentrates, which is used in various clean technology applications.
The Mine is estimated to have a mine life of over 100 years at current production levels, with approximately 6.3 billion tonnes of Mineral Resources in various ore zones. The current mine plan extends beyond 2040.