Kenmare Resources plc (LSE:KMR) reported mineral product revenue of $159.6 million for the first half of 2025, alongside adjusted EBITDA of $47.2 million. The company recorded a non-cash impairment exceeding $100 million, reflecting updated pricing assumptions.
Despite this charge, Kenmare confirmed it is on track to meet both its production and cost guidance for the year. An interim dividend of USc10 per share has been declared. In addition, the company is exploring options to expand shipping capacity to support higher volumes in the second half.
Discussions with the Mozambique government regarding the Moma Implementation Agreement are ongoing. Kenmare noted that while it remains engaged in negotiations, it is also prepared to safeguard its contractual rights if required.
Business Outlook
The company’s valuation and recent corporate progress provide support for its outlook, balancing mixed financial performance and neutral technical signals. Strategic operational upgrades and a strong position in the titanium minerals market underpin Kenmare’s resilience, though revenue and profitability challenges remain areas of focus.
About Kenmare Resources plc
Kenmare Resources plc is one of the leading global producers of titanium minerals and operates the Moma Titanium Minerals Mine in Mozambique. Its products, which supply approximately 6% of global titanium feedstocks, are essential in the manufacture of paints, plastics, and ceramic tiles. The company serves customers in more than 15 countries.
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