Business Model

Kenmare’s business model aims to deliver our strategic objectives of growth, margin expansion and shareholder returns. We utilise our key resources of people and assets to generate benefits for all of our stakeholders in a safe and sustainable manner.



  • Our people are our most important asset as they drive the generation and effective delivery of our strategy.
  • We invest in our employees throughout their careers, offering opportunities for development, training and competitive rewards linked to performance.


  • Moma is one of the largest producing mineral sands mines globally, producing approximately 7% of titanium feedstocks.
  • The ore zones contained within the Moma resource base are large enough to support production for more than 100 years, at current rates of production.


  • Equity and debt markets have provided the financing necessary to develop the Company.
  • Maintaining balance sheet strength and flexibility provides opportunities for shareholder returns and investment for growth.

What we do

1. Ore body definition

Defining the size, quantity and grade of mineral resources.

Determination of technical feasibility.

Assessment of commercial viability.

2. Development

Turning commercially viable reserves and resources into producing assets.

3. Mining

Dredge mining accounts for the vast majority of our ore mining capacity reducing relative operating costs.

Dry mining provides flexibility.

4. Processing and storage

HMC is processed into finished products using highly specialised gravity, magnetic and electronic equipment.

5. Sales and marketing

We strive for strong and long-term customer relationships for all our marketed products.




Kenmare delivered increased profitability in 2018, with EBITDA up 54% compared to 2017.

≥20% Dividend policy

In 2018 Kenmare announced its dividend policy to pay a minimum of 20% of profit after tax from 2019. In August 2019 the Company declared its maiden interim dividend of USc2.66, in line with the policy.

Sustainable business

1,398 employees in Mozambique

Ensuring that our employees are well-trained and productive is key to long‑term business sustainability. At year end 2018 we provided direct employment for 1,398 people in Mozambique, 95% of whom are Mozambican.

0.12 per 200,000 man-hours LTIFR

Safety performance improved significantly in 2018 through continued strengthening of our safety culture.

0 reportable environmental incidents

Kenmare is committed to responsible operating practices and efficient use of natural resources. In 2018 there were no reportable environmental incidents.

US$17.9m Government payments

Support from our host communities and the Government of Mozambique is an essential component of our licence to operate. In 2018 we paid US$17.9 million in government payments, of which the largest elements were payroll taxes, mining royalty and IFZ royalty.