At the Annual General Meeting of Kenmare Resources plc held today at The Westbury Hotel, Grafton Street, Dublin 2, Ireland, all of the resolutions considered and voted upon by the shareholders were approved on a show of hands. The full text of each resolution was included in the notice of the meeting circulated to shareholders on 12 April 2019.
S tandard form for notification of major holdings. Done at Dublin 14 May 2019. Persons completing this form should have regard to the requirements of the Transparency Regulations 2007 as amended, the Central Bank of Ireland’ s Transparency Rules and Commission Delegated Regulation 2015/ 761 of 17 December 2014. ii Full name of the legal entity and other...
S tandard form for notification of major holdings. Done at Dublin 14 May 2019. Persons completing this form should have regard to the requirements of the Transparency Regulations 2007 as amended, the Central Bank of Ireland’ s Transparency Rules and Commission Delegated Regulation 2015/ 761 of 17 December 2014. ii Full name of the legal entity and other...
First-quarter numbers for Kenmare Resources (KMR), out today, reveal a 15 per cent leap in heavy mineral concentrate production to 358,700 tonnes, resulting in a 13 per cent rise in ilmenite and a 7 per cent uptick in zircon output. However, unscheduled maintenance work and the impact of Cyclone Idai on Mozambique caused total shipments of finished products to drop 34 per cent in the period. The mineral sands group said that full-year volumes are unlikely to be affected, and that a definitive feasibility study to move a concentrator plant is set for completion by mid-year. Buy.
At this point, it’s not quite clear what Kenmare Resources (KMR) has to do to win over investors. This morning, the miner posted a 162 per cent rise in post-tax profits, a swing to net cash and another year of record shipment volumes for the 12 months to December 2018. Plans to expand the Moma plant in Mozambique are underway and under budget, a dividend has now been promised for later this year, and the price environment for ilmenite and zircon remains robust for 2019. And yet the share price reaction is once again negative. Nonetheless, we remain buyers.
Kenmare Resources (KMR LN) 202p, Mkt Cap £219m – Profits rise on higher production and ilmenite prices but operating cost rise is of concern Kenmare are targeting a 20% increase in in production 1.2mt of ilmenite by 2021. Sales rose 26% US$262m vs US$208m yoy on higher volumes and better prices EBITDA rose by 54% to $93m on record shipments vs US$61m yoy Profit after tax rose 162% to US$51m vs US$19m yoy Net Cash turns positive at $13.5m vs net debt of $34.1m a year earlier . Production of Heavy Mineral Concentrate rose 4% to 1,370,800t vs 1,323,000t yoy Ilmenite production rose 958,500t vs 998,200t yoy Zircon production rose to 48,400t vs 48,600t yoy Shipments of finished products rose 3% to 1,074,400t vs 1,040,400t yoy Cash operating costs rose 11% to US$145/t of final product vs US$131/t yoy due in part to higher utilisation of diesel-powered electric generators Conclusion: Kenmare has done well from a production and sales perspective but sensitivity to using more diesel and higher diesel prices is of future concern due to instability of the Mozambique national grid. The Mozambique grid is sensitive to voltage fluctuations which are probably caused by Moma and other demand exceeding available supply. *An SP Angel mining analyst has visited Kenmare’s Moma mineral sands project in Mozambique and BlueJay’s Dundas (formerly Pituffik) ilmenite sands project in Greenland as well as Sierra Rutile’s (now part of Illuka) operation in Sierra Leone. *SP Angel act as nomad and broker to BlueJay Mining.
Kenmare Resources’ (KMR) share price might tell a different tale, but the mineral sands miner saw higher average prices for all of its products in 2018, and expects stronger average received prices in the first half of this year. Production also exceed guidance for all products last year, and December’s output of ilmenite hit a monthly record, all of which helped the Mozambique-focused group swing to a net cash position in the period. Buy.
RNS Number: 2892 M Kenmare Resources PLC 04 January 2019. A second and final Price Monitoring Extension has been activated in this security. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 2878 M Kenmare Resources PLC 04 January 2019. The auction call period has been extended in this security by 5 minutes. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 8476 L Kenmare Resources PLC 31 December 2018. The auction call period has been extended in this security by 5 minutes. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Perennially unloved mineral sands group Kenmare Resources (KMR) is using a capital markets day to introduce a dividend policy, and that shareholder distributions will start with the publication of interim results in 2019. Third quarter production figures, also out today, were less promising, as management has now refined its full-year forecasts for ilmenite output to the lower half of the 900-1,000kt range. Buy.
The first half of 2018 has been free-cash positive for titanium dioxide miner Kenmare Resources (KMR), thanks to a 10 per cent surge in total shipments and increased prices. The $48.4m of cash flow generated in the period has been used to reduce net debt by $25m and progress the upgrade to the wet concentrator plant at Moma. Our buy call is under review.
The first half of 2018 has been free-cash positive for titanium dioxide miner Kenmare Resources (KMR), thanks to a 10 per cent surge in total shipments and increased prices. The $48.4m of cash flow generated in the period has been used to reduce net debt by $25m and progress the upgrade to the wet concentrator plant at Moma. Our buy call is under review.
Kenmare Resources (KMR LN) 230p, Mkt Cap �252m – Margins rise as Kenmare benefits from rise in ilmenite prices and move to direct sales into China • Kenmare Resources report first half 2018 results on its Moma mineral sands operations on the coast of Mozambique. • Kenmare report a +20% price increase in the average FOB price of US$223/t received through the period vs H1 2017. • Sales of are . • Costs also rose to US$140m though this includes an additional US$8.8m of extra costs related to the move to sell material on a CIF/CFR basis. • The move to CIF/CFR from the traditional FOB ‘Freight on Board’ basis appears to reflect the decision by management to ditch its agents and sell directly to consumers in China • Net debt fell to US$9m vs US$34m indicating the strength of cash flow generation though debt would be much higher had the company not benefitted from a massive US$275m bailout backed by the Sultanate of Oman. • Profits rose to US$26.4m raising margins to 19%. • EBITDA margins also rose 59% to US$47.5m despite a negative charge of US$11m on mineral products stock movements, costs also rise by US3.1m alongside a negative US$2.7m for the Sales Mix. • Operating costs rose by around 4% driven by higher fuel costs driven by issues relating to the local grid and greater power demand. • Kenmare is working hard to maintain ilmenite production of >1mtpa representing around 8% of the world market making the operations at Moma significant from a global perspective. • Management state that processing needs to rise to 20% to 2,4000tph from 2,000tpa in order to maintain production indicating that costs for the existing operations could to rise further. • Production volumes are forecast to rise significantly through the second half to meet the 1mtpa target with the rise in production likely to result in lower unit costs on a per-tonne processed basis. • A new Wet Concentrator plant should help to raise ilmenite production to 1.2mtpa. Conclusion: Kenmare had a good first half driven by higher product prices and a move to direct sales into China. The second half should be stronger assuming Kenmare meets its higher production targets. Ilmenite prices are recovering after a pullback in May through to mid-August caused by outages at a number of consumers. Ongoing global growth indicates that end-user demand should continue to grow reducing supply chain inventory and raising demand and prices for ilmenite concentrates. *An SP Angel mining analyst has visited Kenmare’s Moma mineral sands project in Mozambique and BlueJay’s Dundas (formerly Pituffik) ilmenite sands project in Greenland as well as Sierra Rutile’s (now part of Illuka) operation in Sierra Leone. *SP Angel act as nomad and broker to BlueJay Mining.
Kenmare Resources (KMR LN) 230p, Mkt Cap �252m – Margins rise as Kenmare benefits from rise in ilmenite prices and move to direct sales into China • Kenmare Resources report first half 2018 results on its Moma mineral sands operations on the coast of Mozambique. • Kenmare report a +20% price increase in the average FOB price of US$223/t received through the period vs H1 2017. • Sales of are . • Costs also rose to US$140m though this includes an additional US$8.8m of extra costs related to the move to sell material on a CIF/CFR basis. • The move to CIF/CFR from the traditional FOB ‘Freight on Board’ basis appears to reflect the decision by management to ditch its agents and sell directly to consumers in China • Net debt fell to US$9m vs US$34m indicating the strength of cash flow generation though debt would be much higher had the company not benefitted from a massive US$275m bailout backed by the Sultanate of Oman. • Profits rose to US$26.4m raising margins to 19%. • EBITDA margins also rose 59% to US$47.5m despite a negative charge of US$11m on mineral products stock movements, costs also rise by US3.1m alongside a negative US$2.7m for the Sales Mix. • Operating costs rose by around 4% driven by higher fuel costs driven by issues relating to the local grid and greater power demand. • Kenmare is working hard to maintain ilmenite production of >1mtpa representing around 8% of the world market making the operations at Moma significant from a global perspective. • Management state that processing needs to rise to 20% to 2,4000tph from 2,000tpa in order to maintain production indicating that costs for the existing operations could to rise further. • Production volumes are forecast to rise significantly through the second half to meet the 1mtpa target with the rise in production likely to result in lower unit costs on a per-tonne processed basis. • A new Wet Concentrator plant should help to raise ilmenite production to 1.2mtpa. Conclusion: Kenmare had a good first half driven by higher product prices and a move to direct sales into China. The second half should be stronger assuming Kenmare meets its higher production targets. Ilmenite prices are recovering after a pullback in May through to mid-August caused by outages at a number of consumers. Ongoing global growth indicates that end-user demand should continue to grow reducing supply chain inventory and raising demand and prices for ilmenite concentrates. *An SP Angel mining analyst has visited Kenmare’s Moma mineral sands project in Mozambique and BlueJay’s Dundas (formerly Pituffik) ilmenite sands project in Greenland as well as Sierra Rutile’s (now part of Illuka) operation in Sierra Leone. *SP Angel act as nomad and broker to BlueJay Mining.
Kenmare Resources plc, one of the leading global producers of titanium minerals and zircon, which operates the Moma Titanium Minerals Mine in northern Mozambique, today announces its half year results for the six month period ended 30 June 2018. "I am pleased to report that H1 2018 was an excellent period for sales and shipments, with a record 589 thousand tonnes...
RNS Number: 9744 W Kenmare Resources PLC 06 August 2018. A second and final Price Monitoring Extension has been activated in this security. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 9734 W Kenmare Resources PLC 06 August 2018. The auction call period has been extended in this security by 5 minutes. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
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Company Profile

Dublin-based Kenmare Resources operates a mining and exploration company focused primarily on the Moma Mine in Mozambique. The firm, which was founded in 1972, is led by chairman Charles Carvill and managing director Michael Carvill. The Moma Mine contains reserves of heavy minerals which are used to produce titanium dioxide pigment, as well as the relatively high-value zirconium silicate mineral, zircon.

Classification

Market Indices-

Locations

HQ
Styne House
Hatch Street Upper
4th Floor
2
Dublin
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