Key Performance Indicators

Kenmare uses various financial and non-financial performance measures, linked to our strategic objectives, to help evaluate the ongoing performance of the business.

The following measures are considered by management to be some of the most important in evaluating the overall performance of the Group year-on-year.


Descriptor: Measures the number of injuries per 200,000 hours worked at the Mine which result in time lost from work.

Performance: After the impressive milestone of 12 million work hours LTI-free was achieved in September 2022, unfortunately, three lost time injuries were incurred between September and December 2022. This has resulted in a rolling 12-month LTIFR of 0.09 per 200,000 hours worked (31 December 2021: 0.03). The Company is redoubling efforts to ensure consistent observance of good safety practices in our employees’ minds.

Outlook: Kenmare is committed to continual improvement. In 2023 we will reinforce our safety culture through improving safety leadership, as well as strengthening our hazard identification and risk assessment practices.

GHG emissions

Descriptor: Measures total Scope 1 and 2 Greenhouse Gas (GHG) emissions. We acknowledge the human contribution to climate change and aim to reduce carbon emissions.

Performance: Absolute GHG emissions reduced by 6% year on year, and emissions intensity decreased 3% to 0.055 tCO2e / tonne of finished product produced. In 2022, the efficiencies in our Mineral Separation Plant led to a 7% improvement in litres of diesel combusted per tonne of product.

Outlook: Kenmare has an ambition to achieve Net Zero on its Scope 1 and 2 emissions by 2040, through decarbonisation of our operations and offsetting hard-to-abate residual emissions. The Rotary Uninterruptible Power Supply project is expected to further reduce diesel consumption in 2023. In addition, several new energy efficiency initiatives have been selected for further study and potential implementation in the next 12–24 months.

Gender diversity

Descriptor: Measures the percentage of women in the workforce at the Moma Mine. We recognise the benefits to our business of supporting diversity, equity, and inclusion for long-term sustainable success.

Performance: Kenmare is working to increase the number of women in our workforce. At year end, 14.5% of our Mine employees were women, compared with 12.5% in 2021, meeting our stretch gender diversity target for the year. Female representation in Moma Mine senior management reached 25% compared to 24% in 2021.

Outlook: In 2023 we aim to increase female representation within our Moma workforce to 15.5%. Kenmare will progress its structured programme to increase diversity, including targeting 70% female representation in our Graduate Development Programme candidates, and supporting the Kenmare Women in Mining Forum to identify initiatives to further grow the representation of women in the workforce.


Descriptor: Provides a measure of production from the Mine and is defined as finished products produced by the mineral separation process (in tonnes).

Performance: Kenmare delivered strong finished product volumes in 2022. Finished products production decreased by 2% in 2022 compared to 2021 as a result of unplanned power disruptions in Q4 and the impact of slimes on HMC quality. HMC production in 2022 was 1,586,200 tonnes, a 2% increase compared to 2021 primarily as a result of increased excavated ore volumes.

Outlook: Production of all products in 2023 is expected to be higher than in 2022, due primarily to higher tonnes mined.


Descriptor: Provides a measure of finished product volumes shipped to customers during the period (in tonnes).

Performance: Shipment volumes in 2022 were 1,075,600 tonnes, a 16% decrease compared to 2021. This decrease was primarily due to a four-month period of planned maintenance, which occurs every five years, on the Company’s largest transshipment vessel, the Bronagh J. Q4 was the strongest quarter of the year for shipments benefitting from increased transshipment capacity resulting from the previously completed upgrades.

Outlook: Shipment volumes are expected to be higher in 2023 as a result of the Bronagh J operating at more efficient levels following the 2022 dry dock which is expected to positively impact availability going forward.

Cash costs

Descriptor: Eliminates freight costs and non-cash costs to identify the actual cash outlay for production and, as production levels increase or decrease, highlights operational performance by providing a comparable cash cost per tonne of finished product produced over time.

Performance: Total cash operating costs increased by 13% in 2022 compared to 2021 as a result of increased operating costs mainly in labour, power and fuel costs due to inflation and a reduction in finished production.

Outlook: Total cash operating costs are anticipated to increase in 2023 due to increased production and inflation. However, cash operating costs per tonne are expected to remain largely stable due to higher anticipated production volumes.


Descriptor: Eliminates the effects of financing, tax, depreciation and amortisation to allow assessment of the earnings and performance of the Group.

Performance: EBITDA increased by 39% in 2022, compared to 2021 as a result of average price per tonne increasing by 42% during the financial year. This was partially offset by a 13% increase in total cash operating costs as a result of inflation.

Outlook: Kenmare expects to generate strong EBITDA in 2023 on planned production levels and positive market outlook.

Profit after tax

Descriptor: Measures how well we are managing costs, increasing productivity and generating the most profit from our assets. It is also the basis on which our dividend payout ratio policy is applied.

Performance: We reported profit after tax of $206.0 million, up 60% on 2021, benefitting from the strong increase in underlying EBITDA.

Outlook: We expect earnings to remain strong in 2023, benefitting from sustained higher production volumes and a strong commodity market outlook.

Total capital expenditure

Descriptor: Provides the amount spent by the Group on additions to property, plant and equipment in the period.

Performance: Investment in property, plant and equipment remained in line with 2021. Capital was incurred sustaining existing operations and preparing for the transition of WCP A to the Nataka ore zone in 2025.

Outlook: Expenditure on development projects and studies is expected to be approximately $14.0 million in 2023. These costs primarily relate to ongoing feasibility works for the Nataka ore zone where WCP A is scheduled to commence mining around 2025, and for optimising mining capacity. Improvement projects are expected to cost $8.5 million and relate to numerous smaller projects in water, energy and security management. There are also projects relating to improvements at WCP A, WCP B and the Mineral Separation Plant. Sustaining capital costs in 2023 are expected to be approximately $33.5 million.

Net cash/(debt)

Descriptor: Total cash and cash equivalents less bank loans. A measure of the Group’s financial leverage. This measures how we are managing our balance sheet and capital structure. A strong balance sheet is essential for giving us flexibility to take advantage of opportunities as they arise, and for returning cash to shareholders.

Performance: At the year end, gross debt amounted to $80.8 million (2021: $151.9 million). This consists of debt outstanding of $78.6 million and capitalised transaction costs of $2.2 million. Kenmare finished the year with $108.3 million (2021: $69.1 million) of cash and cash equivalents.

Outlook: Strong product markets in early 2023 are supportive of continued strong free-cash flow generation. In 2023, the Group will repay a further $31.4 million in debt while strong cash generation is expected to solidify the Group’s net cash position throughout 2023.

Shareholder returns

Descriptor: Shareholder returns comprise dividend payments. The proposed 2022 final dividend is subject to approval by shareholders at the AGM.

Performance: Shareholder returns increased by $19.4 million in 2022. They were comprised of the 2022 final dividend of $41.1 million (2021: $24.1 million) to be approved by shareholders at the AGM, and the 2022 interim dividend of $10.6 million (2021: $8.0 million).

Outlook: Kenmare will maintain a minimum dividend of 20% of profit after tax in 2023, in line with the dividend policy. Additional capital returns will be considered against upcoming capital requirements (particularly the move of WCP A to Nataka), maintaining a strong balance sheet, and market conditions.

Return On Capital Employed

Descriptor: Return on capital employed (‘ROCE’) is defined as operating profit expressed as a percentage of the average capital employed. ROCE is a measure of the profits generated in the year in comparison to the capital investment that has been made in the Company.

Performance: The Group continued to generate very strong returns on capital employed and ROCE increased by 5% in 2022 driven by higher commodity prices, strong cost control and efficient capital allocation.

Outlook: We will continue to focus on maximising returns from the Moma Mine over the short, medium and long term. We will also maintain our disciplined and rigorous approach and invest capital only in projects that we believe will deliver returns that are well above our cost of capital.