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: Lost time injury frequency rate.

Relevance: Measures the number of injuries per 200,000 man-hours worked at the Mine that result in time lost from work.

Performance: Kenmare’s safety performance improved in 2021 to 0.03 per 200,000 hours worked. There was one Lost Time Injury recorded during the year compared to nine in 2020. The Company achieved one year without a Lost Time Injury on 6 January 2022.

Outlook: Kenmare is committed to continual improvement. In 2022 we will reinforce our safety culture through improving safety leadership, as well through further strengthening hazard identification and risk assessment practices.

GHG emissions

Descriptor: Scope 1 and 2 greenhouse gas emissions.

Relevance: We acknowledge the human contribution to climate change and aim to reduce emissions from our already low carbon intensity operations.

Performance: In 2021, several GHG Emissions reduction initiatives were progressed. While diesel consumption was 9% higher in 2021 at 24 million litres of diesel, carbon intensity, at 0.057 tCO2e per tonne of mined product, reduced by 20%, reflecting some efficiencies in the emission intensity of our operations.

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 and two new energy efficiency initiatives have been selected for further study and potential implementation in the next 12–24 months.

Gender diversity

Descriptor: Percentage of women in the workforce at the Moma Mine.

Relevance: We recognise the benefits to our business of supporting diversity, equity, and inclusion for long-term sustainable success. Increased gender diversity has been an important metric at the Mine.

Performance: Kenmare is working to increase the number of women in our workforce. At year-end, 12.5% of our Mine employees were women, compared with 10.6% in 2020, meeting our stretch gender diversity target for the year.

Outlook: In 2022 we are looking to increase female representation within our Moma workforce to 13%. Kenmare will progress its structured programme to increase diversity, including ensuring 70% of our Graduate Development Programme candidates are women, and supporting the Kenmare Women in Mining Forum to identify initiatives to further grow the representation of women in the workforce.


Descriptor: Finished products produced by the mineral separation process.

Relevance: Provides a measure of production from the Mine.

Performance: Kenmare delivered record annual finished product volumes in 2021. Finished products production increased by 46% in 2021 compared to 2020, driven by increased Heavy Mineral Concentrate (HMC) processed. HMC production increased by 30% in 2021 to 1,555,900 tonnes (2020: 1,201,100 tonnes), primarily as a result of increased ore grades and excavated ore volumes.

Outlook: Production of all products in 2022 is expected to be higher than in 2021, due primarily to higher tonnes mined, more than offsetting a lower anticipated grade of 4.2%.


Descriptor: Finished products shipped to customers during the period.

Relevance: Provides a measure of finished product volumes shipped to customers.

Performance: 2021 was a record year for shipments with a 51% increase in tonnes shipped compared to 2020, reflecting increased production in addition to a drawdown of finished product inventory. Shipments also benefitted from increased transshipment capacity resulting from the previously completed upgrades.

Outlook: Shipment volumes are expected to be lower than production in 2022 as a result of the scheduled dry dock of the Bronagh J transshipment vessel, which will temporarily reduce shipping capacity. The dry dock of the vessel will enable more efficient maintenance and positively impact availability going forward.

Cash costs

Descriptor: Total Group cost less freight and other non-cash costs, including inventory,excluding movement in the indirect tax provision. For cash operating costs per tonne this number is divided by the tonnes of finished products produced.

Relevance: Eliminates freights 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 product
produced over time.

Performance: Total cash operating costs increased by 20% in 2021 compared to 2020. The higher costs were offset by higher production volumes resulting in a 18% decrease in cash operating costs per tonne.

Outlook: Total cash operating costs are anticipated to increase in 2022 due to increased production and inflation. However, cash operating costs per tonne are expected to remain stable due to higher anticipated production volumes.


Descriptor: Earnings before interest, tax, depreciation and amortisation.

Relevance: Eliminates the effects of financing, tax, depreciation, amortisation and foreign exchange movements to allow assessment of the earnings and performance of the Group.

Performance: EBITDA increased by 182% in 2021, compared to 2020. Shipments of finished products increased by 51%, while average price per tonne FOB increased by 21%. This was partially offset by a 20% increase
in total cash operating costs.

Outlook: Kenmare expects to generate strong EBITDA in 2022 on planned production levels and positive market outlook.

Profit after tax

Descriptor: Profit after tax.

Relevance: 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 $128.5 million, up 669% on 2020, benefitting from the strong increase in underlying EBITDA.

Outlook: We expect earnings to remain strong in 2022, benefitting from sustained higher production volumes and a strong commodity market outlook.

Cash operating costs

Descriptor: Total costs less freight and other non-cash costs, including inventory movements. For cash operating costs per tonne, this number is divided by the tonnes of final products produced.

Relevance: Eliminates the non-cash impact on 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 product produced over time.

Performance: Total cash operating costs increased by 1% in 2020 compared to 2019. The higher costs and lower production volumes results in a 19% increase in cash operating costs per tonne.

Outlook: Total cash operating costs are anticipated to increase in 2021 due to increased production and the need to transport WCP B's HMC production from Pilivili, which is a greater distance than the previous mining area of Namalope, to the MSP. However, cash operating costs per tonne are expected to decrease due to higher anticipated production volumes, and further decrease in 2022 as the Company targets a first quartile position on the industry revenue to cost curve.

Net cash/(debt)

Descriptor: Total cash and cash equivalents less bank loans.

Relevance: 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 $151.9million (2020: $151.2 million). This consists of debt drawn of $150.0 million and loan interest of $1.9 million. Kenmare finished the year with $69.1 million (2020: $87.2 million) of cash and cash equivalents.

Outlook: Strong product markets in early 2022 are supportive of continued strong free-cash flow generation. In 2022, principal repayments of the Term Loan have commenced, while the Revolving Credit Facility is also due to be repaid this year. These factors should contribute to a lower gross and net debt by year end 2022.

Shareholder returns

Descriptor: Dividends and share buy-backs.

Relevance: Shareholder returns comprise the 2021 interim dividend, the proposed 2021 final dividend to be approved by shareholders at the AGM, and the share buy-back.

Performance: Shareholder returns increased by $102.8 million in 2021. They were comprised of the 2021 dividenof $32.1 million (2020: $10.9 million), and the share buy-back of $81.6 million, which was completed in December 2021.

Outlook: Kenmare will maintain a minimum dividend of 20% of profit after tax in 2022, 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).

Relevance: 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: ROCE increased significantly in 2021, driven by higher commodity prices and lower unit costs.

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.