Business model
Through our business model, Kenmare is able to create value for all of its stakeholders. It is supported by a commitment to responsible business practice, a tier one asset, a market-leading position and a robust balance sheet.
Key inputs that drive Kenmare’s success
Tier one assets
The Moma Mine in Mozambique is one of the world’s largest titanium minerals deposits, with a life of mine of over 100 years. The Mine has been in production for 17 years and has a strong and experienced workforce.
Strong market fundamentals
Kenmare is the world’s largest supplier of ilmenite, the primary mineral used in the production of titanium dioxide. The medium and long-term fundamentals for all of Kenmare’s products are strong due to global supply constraints.
Commitment to sustainability
Sustainability is central to every aspect of how Kenmare operates. The Company is committed to being a trusted corporate citizen and this is evidenced through its positive environmental stewardship, its strong safety culture at the Moma Mine and its investment in the development of local communities through the Kenmare Moma Development Association (KMAD).
What Kenmare does
Kenmare’s unique value proposition centres on environmentally responsible practices, showcasing a robust track record on sustainability, innovation and technology integration.
The value we deliver for our stakeholders
Employee and unions
Kenmare’s employees are its most important asset. At Moma, Kenmare employs over 1,700 people directly, 97% of whom are Mozambican and 37% of whom are from the Moma or Larde districts close to the Mine.
Government and regulators
Kenmare’s production accounts for approximately 7% of Mozambique’s exports and Kenmare values its partnership with the Government of Mozambique highly. The Company was named the most transparent company in Mozambique for four consecutive years by the Centre for Public Integrity’s Extractive Industry Transparency Index, most recently in 2024.
Suppliers, contractors and customers
Kenmare supplies over 25 customers operating in more than 15 countries. In 2023, $31.6 million was spent with suppliers based in Nampula province and Kenmare also believes in building stable, long-term relationships based on mutually beneficial terms with its contractors.
Environment
Kenmare is committed to responsible environmental stewardship and efficient use of natural resources. The Company is proud of its low environmental impact, including employing progressive land rehabilitation practices and sourcing >90% of its electricity requirement from hydropower.
Shareholders
Kenmare introduced its dividend policy in 2018 and has it evolved to return 20-40% of underlying profit after tax to shareholders as dividends. Since 2019, Kenmare has returned $295 million to shareholders, including the 2024 final dividend, through dividends and share buy-backs.
Communities
Kenmare aims to be a catalyst for positive social and economic change in the Moma Mine’s host communities through KMAD. Since its inception in 2004, KMAD has invested >$23 million in community development initiatives, including building water supply systems, health centres and schools.
Learn more
Read about our business model in more detail in the 2024 Annual Report.