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 2021, with our lowest ever Lost Time Injury Frequency Rate of 0.03 per 200,00 hours worked. We also conducted a COVID-19 vaccination programme, with 96% of our employees double vaccinated by year-end. Through the Kenmare Moma Development Association (KMAD), Kenmare invested $2.3m in community initiatives and 198 hectares of mined land were rehabilitated as part of our progression rehabilitation programme. We were also named as the most transparent company in Mozambique for the second consecutive year.


    As part of our commitment to reducing our environmental impact, Kenmare is installing a Rotary Uninterruptible Power Supply (RUPS), which is expected to improve power stability at the Mineral Separation Plant and be the most significant contributor to delivering a 12% reduction in Moma’s already low carbon emissions by 2024. Looking further ahead, Kenmare has an ambition to become Net Zero by 2040.

    We continue to raise the environment, social, and governance standards we hold ourselves to and further details of Kenmare’s sustainability targets for 2022 can be found on pages 52–61 and in our 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 value accretive growth.
    Following the completion of our three growth projects, we now have the mining and processing capacity to deliver approximately 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

    2021 was a record year for production and shipments. Moma achieved a record quarter of production in Q3 2021 and operated at a run rate of 1.2 Mtpa between May and October.

    Total cash operating costs were 3% above the top end of our guidance range at $189.7 million due to increased costs relating to repairs and maintenance, Heavy Mineral Concentrate (HMC) haulage from the Pilivili operations, and COVID-19. Cash operating costs per tonne decreased by 18% compared to 2020 to $154 per tonne, benefitting from higher production volumes.


    During a five month period in 2021, Moma demonstrated that it could operate at its nameplate capacity of 1.2 Mtpa. In 2022 Kenmare’s focus is on achieving this run rate on a safe and sustainable basis. With increasing production volumes and cost reduction initiatives underway, such as the RUPS, Kenmare continues to advance towards its target of becoming 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. Therefore the Company will continue to evaluate growth opportunities to maximise the Mine’s value for all stakeholders.

    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 2021 Kenmare returned almost $100 million to shareholders through dividends and a share buy-back. This executed on our stated intention to increase shareholder returns following the completion of our major capital projects, supported by robust operational performance and commodity market strength.

    Kenmare also invested in the development of the RUPS. This project is Net Present Value positive and has an estimated cost of $18 million. The majority of the capital was incurred in 2021.

    We finished the year with a strong balance sheet and net debt of $82.8 million, primarily due to the shareholder returns made during 2021.


    The RUPS began commissioning in Q1 2022 and is expected to deliver benefits relating to power stability and reduction in carbon emissions.

    We remain focused on delivering significant shareholder returns, supported by increasing production and cost reduction initiatives.

    A Pre-Feasibility Study in preparation for mining the Nataka ore zone is underway, which is due to be completed later in 2022. Wet Concentrator Plant A is expected to commence mining in Nataka in 2025.

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