Aug 19 2026
Resources
Recent Research
Kenmare, Q2 production report
Jul 16 2026
Kenmare, FY2025 results
Mar 25 2026
Kenmare, Update on Implementation Agreement
Mar 9 2026
Kenmare, Model update
Feb 6 2026
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Kenmare
H1 2026 results
Kenmare’s H1 2026 results reflect the ongoing impact of price declines driven by weak market conditions. Operating performance is as expected and largely covered in the previously...
Kenmare
Q2 production report
Kenmare’s ilmenite production in Q2 was impacted by the ramp up of new dredges on Wet Concentrator Plant (WCP) A and lower grades on WCP B, as expected. It has tweaked full-year...
Kenmare
Model update plus balance sheet and asset base review
We have updated our forecasts to reflect lower price assumptions. Leverage is low in historical terms, and there is scope to further monetise working capital. Reserves and resources...
Kenmare
Guidance maintained in Q1 production report
Kenmare has maintained guidance on all metrics for FY2026 in its Q1 production report. This is positive given the macro backdrop. Production decreased in Q1, which conserves cash and is...
Kenmare
FY2025 results
Kenmare’s revenues declined by 20% in 2025 reflecting lower production and prices, which impacted earnings. It has reiterated production and shipment guidance for 2026. We expect this...
Kenmare
Update on Implementation Agreement
Kenmare has released a statement noting that the Mozambique Tax Authority has unilaterally attempted to impose terms on its processing and export activities that have not been...
Kenmare
Model update
We update our forecasts on Kenmare to reflect the guidance on production and shipments given in the recent Q4 production report. We lower our price assumptions in 2025. We leave...
Kenmare
Q4 production report and 2026 guidance
Q4 2025 production is in line with recently revised guidance. Softness in pricing leads to non cash impairments. Guidance for 2026 is to prioritise value over volume leading to lower opex....
Kenmare
Update on WCP A and 2025 guidance
Kenmare has issued a statement providing an update on the upgrade of its Wet Concentrator Plant A (WCP A). Operating performance has improved and further measures are being taken...
Kenmare
Updated production guidance
Kenmare has issued a statement providing an update on its WCP A upgrade project and is updating its guidance for FY2025. The commissioning of WCP A is advancing and should be...
