Strategic objectives

Kenmare operates the Moma Mine, located on the north east coast of Mozambique. The Moma Mine contains reserves of heavy minerals that include the economic titanium minerals, ilmenite and rutile, which are used as feedstocks to produce titanium dioxide pigment, as well as the relatively high-value zirconium silicate mineral, zircon.

Titanium dioxide pigment is used in paints, paper and plastic production. The primary applications for zircon are in the manufacture of opacifiers for ceramic tile production and for refractory products used in the steel and foundry industries.

Kenmare is a well-established major global supplier of titanium mineral sand products, with a customer base operating in over fifteen countries. The output from the Mine consists of several grades of the titanium dioxide (TiO 2) minerals, ilmenite and rutile, as well as the zirconium mineral, zircon. Kenmare’s products are key raw materials that are processed into intermediate products and ultimately consumed in everyday quality-of-life products such as paints, plastics and ceramic tiles.

Strategic objectives, priorities and performance

Kenmare's vision is to be a leading titanium minerals producer positioned in the first quartile of the industry revenue to cost curve. We will deliver this vision through the Group’s strategy, which is focused on three pillars of operating responsibly, delivering long life, low cost production, and allocating capital efficiently.

Operating responsibly

Kenmare believes in "doing the right thing" and this is central to all aspects of how we do business. We have a long-standing commitment to sustainability and are focused on continually improving our environment, social, and governance performance. Our sustainability strategy, comprised of four strategic goals, ensures we maximise value and create opportunities from the Moma Mine for the benefit of all stakeholders.


We are focused on:

  • Developing a safe and engaged workforce
  • Supporting thriving communities
  • Protecting a healthy natural environment
  • Being a trusted business

  • Performance

    Kenmare set a new Company safety record in 2022, completing an industry-leading safety performance milestone of 12 million LTI-free hours worked. Female representation in mine workforce reached 14.5%, hitting our stretch target. The Company also completed the relocation of 83 community houses for the resettlement of the Isoa village. The Rotary Uninterruptible Power Supply (RUPS) project was also commissioned, negating constant use of diesel generators and helping to support wider diesel-related efficiencies at the Mineral Separation Plant. The Company’s Carbon Disclosure Project (CDP) score improved for the third successive year to a B score. Kenmare was also named the most transparent company in Mozambique for the third consecutive year.


    Sustaining a safe, healthy and engaged workforce, increasing the prosperity of Kenmare’s host communities, creating and sustaining a positive environmental legacy and driving improved ethics and transparency in our business and supply chain are all core to the success of our business. We have researched and identified the material issues facing our business and set short, medium and longer-term targets based on these.

    We continue to raise the standards we hold ourselves to and further details of Kenmare’s sustainability targets for 2023 and beyond can be found in our Annual Report and Sustainability Report.

    Delivering Long Life, Low Cost Production

    Moma is one of the largest titanium minerals deposits in the world. With 6.3 billion tonnes of Mineral Resources, there is significant potential for further brownfield expansion opportunities when the market conditions are right.

    We now have the mining and processing capacity to deliver 1.2 million tonnes per annum (Mtpa) of ilmenite production on a sustainable basis and are targeting a first quartile operating position on the industry revenue to cost curve.


    We are focused on:

  • Realising the growth potential of our 100+ year Mineral Resources
  • Achieving 1.2 Mtpa safe and sustainable ilmenite production, with 20+ years mine life visibility
  • Moving into first quartile of industry revenue to cost curve
  • Performance

    HMC production in 2022 was 1,586,200 tonnes, a 2% increase compared to 2021 (1,555,900 tonnes). While an improvement on 2021, excavated ore and recoveries were impacted by power outages, mining conditions and slimes, as well as bad weather in Q1.

    Total cash operating costs were 3% above the top end of our guidance range at $216.7 million, principally due to high global inflation rates. Cash operating costs per tonne increased by 16% compared to 2021 to $180 per tonne, principally due to higher costs. However, costs per tonne of ilmenite produced after co-product revenues fell 36% to $60 per tonne, setting a new record.


    Kenmare aims to maintain its position as a first quartile producer on the industry revenue to cost curve. Moma has Mineral Resources of more than 100 years at a 1.2 Mtpa ilmenite production rate. In 2023, the Company will outline plans for the WCP A transition to the Nataka ore zone, which hosts 79% of the Mineral Resources and will support production for decades to come.

    Allocating Capital Efficiently

    We constantly assess the best ways to deploy the capital generated from our activities to ensure it creates value for our stakeholders. A strong balance sheet provides the platform to fund our capital requirements, while we established our dividend policy in 2018 to provide returns to our shareholders. We also work hard to uncover, assess and develop value accretive projects to deliver growth.


    We are focused on:

  • Maintaining a strong and flexible balance sheet
  • Continuing to make compelling shareholder returns
  • Developing value accretive growth opportunities

  • Performance

    In 2022 Kenmare finished the year with a strong balance sheet and net cash of $27.5 million. The Company has proposed a final dividend of $41.1 million, up 70% on 2021, following the stated intention to increase shareholder returns, supported by robust operational performance and commodity market strength.

    Kenmare commissioned the RUPS project in 2022. This project is Net Present Value positive with an estimated cost of $21 million, helping to improve operational stability at the Mineral Separation Plant while also reducing carbon emissions.


    We remain focused on delivering significant shareholder returns, supported by strong operational performance and robust commodity markets. Studies for the transition of WCP A to Nataka are ongoing. Wet Concentrator Plant A is expected to commence mining in Nataka in 2025 and the investment planned for the move will help to support operations for decades to come.

    Kenmare’s corporate development team continually assess the potential opportunities for organic and inorganic growth.