Business Model

Kenmare’s business model aims to deliver our strategic objectives of growth, margin expansion and shareholder returns. Through our key inputs of an engaged workforce, a disciplined financial approach, a tier one asset and a commitment to being a responsible corporate citizen, we generate benefits for all of our stakeholders in the long term.


Market fundamentals

  • Global demand

View Our products

  • Competition

View our End markets

  • Commodity Prices

Read about the positive trend in prices for our products in 2021

Our integrated approach

  • Responsible approach

Read about our approach to sustainability

  • Good corporate governance

Read about our strong corporate governance practices

  • Stakeholder Engagement

Read about our how we engage with different stakeholder groups


  • Our people

Read about Our people.

  • Large resources

Read about our Reserves and Resources.

  • High grade opportunities

Read about our operations, including Wet Concentrator B at the high grade Pilivili ore zone

  • Significant financial resources

Read about the strength of our financial position

  • Renewable energy source

>90% of our electricity requirements are met by hydroelectricity. Read more about this in Environment

What we do

1. Ore body definition

We use drilling and sampling to define the size, quantity and grade of mineral resources. We then determine technical feasibility and assess commercial viability.

2. Development

Through the development process, commercially viable mineral reserves and resources are transformed into producing assets.

3. Mining

Dredge mining is a low cost form of mining and it accounts for the majority of our mining activities. Dry mining provides additional flexibility.

4. Processing and storage

HMC is processed into finished products at our Mineral Separation Plant. We do not use any chemicals in our mining or processing operations, instead using highly specialised gravity, magnetic and electronic processing methods.

5. Sales and marketing

We have our own dedicated port facility and transhipment vessels. We strive for strong, long-term customer relationships for our marketed products.



1.28m tonnes of product sold in 2021

We are the world’s largest supplier of ilmenite and we believe our products are of the lowest carbon-intensity in the industry. Kenmare benefits from over 90% of our electricity requirements being sourced from a renewable hydroelectric source. We are aiming to further reduce our total CO2 emissions by 12% by 2024 and have an ambition to be Net Zero by 2040.


1 year without a Lost Time Injury

Our employees are our most important asset and the objective of our safety culture is to ensure that we provide a safe working environment. On 6 January 2022 we set a new company record of one year without a Lost Time Injury (LTI). We also achieved our lowest ever Lost Time Injury Frequency Rate of 0.03 in 2021, an 88%reduction compared to 2020.


~$100m cash returned to shareholders in 2021

In December 2021 Kenmare completed a share buy-back to return $81.6 million to eligible shareholders by repurchasing 13.5% of Kenmare’s issued share capital. Combined with the two dividend payments, we returned $98 million to shareholders during the year. In March 2022, Kenmare proposed a 2021 final dividend of USc25.4 per share, up 230% on the 2020 final dividend.

Local community

$2.3m invested in community development initiatives in 2021

Kenmare aims to be a catalyst for positive social and economic change in the Moma Mine’s host communities. In 2021 $2.3 million was invested to support the improvement of livelihoods, healthcare services and education provision through KMAD, including completing the construction of a new health centre in Pilivili.


198 hectares of land rehabilitated in 2021

Kenmare is committed to responsible environmental stewardship and efficient use of natural resources. We are proud of our low environmental impact, including employing progressive rehabilitation practices, with 198 hectares of land rehabilitated and 42,255 native trees planted in 2021.