Key Performance Indicators
Kenmare uses various financial and non-financial performance measures to help evaluate the ongoing performance of its business.
Linked to the Group’s strategic objectives, the following measures are considered by management to be some of the most important in evaluating Kenmare’s overall performance year-on-year.
Lost Time Injury Frequency Rate (LTIFR)
0.06
(per 200k hours)
Links to strategies
-
Operate responsibly
Links to risks
- 8 Health, Safety and Environment
Description
Measures the number of injuries per 200,000 hours worked at the Mine, which results in time lost from work.
Performance
Two Lost Time Injuries (LTIs) were recorded in the 12 months to 31 December 2024, compared to five in 2023, resulting in an improved rolling 12-month Lost Time Injury Frequency Rate (LTIFR) of 0.06 per 200,000 hours worked (31 December 2023: 0.15). In 2024, Kenmare achieved its lowest ever All Injury Frequency Rate of 0.93 per 200,000 hours worked. Improved safety awareness has been promoted by the delivery of leadership accountability programmes; improvements to the “permit to work” programme, hazard identification and risk assessment protocols; and the ongoing “Trabalho Seguro” (“Safe Work”) initiative.
GHG Emissions
59,057
tonnes CO
2e Links to strategies
-
Operate responsibly
-
Deliver long-life, low-cost production
-
Allocate capital efficiently
Links to risks
- 4 Weather conditions
- 6 Loss of production due to power supply and transmission interruption
Description
Measures total Scope 1 and 2 Greenhouse Gas (GHG) emissions. Kenmare acknowledges the human contribution to climate change and aims to reduce emissions from its already low carbon intensity operations.
Performance
Kenmare’s Scope 1 GHG emissions increased by 3% in 2024, primarily due to increased Mineral Separation Plant (MSP) diesel usage. However, the Group exceeded its target of reducing Scope 1 and 2 emissions by 12% by year-end 2024, relative to the 2021 baseline.
Gender Diversity
17.43%
Links to strategies
-
Operate responsibly
Description
Measures the percentage of female employees at the Moma Mine. Kenmare recognises the benefits to its business of supporting diversity, equity, and inclusion for long-term sustainable success.
Performance
Kenmare is working to increase the number of women in its workforce. At year-end, 17.43% of Mine employees were women, compared with 16% in 2023.
-
Production of Finished Products
1,115,300
tonnes
Links to strategies
-
Deliver long-life, low-cost production
-
Allocate capital efficiently
Links to risks
- 1 Permitting, licensing and Government agreement risk
- 3 Geotechnical risk
- 4 Weather conditions
- 5 Uncertainty over physical characteristics of the orebody
- 6 Loss of production due to power supply and transmission interruption
- 7 Asset damage or loss
- 9 Material misstatement in the Ore Reserves & Mineral Resource table
- 10 IT security risk
Description
Provides a measure of production from the Mine and is defined as finished products produced by the mineral separation process (in tonnes).
Performance
Heavy Mineral Concentrate (HMC) production was broadly in line with 2023, although 2024 represented a new annual record for excavated ore volumes, which were up 7% from 2023. The increased ore volumes were partially offset by a 5% decrease in ore grades as Wet Concentrator Plant (WCP) A approaches the end of its mine path in Namalope. Finished product production increased by 2% in the year. Ilmenite production benefitted from improved recoveries and higher ilmenite content in the HMC processed. There was 17% increase in rutile production in 2024 due to improved recoveries following circuit improvements. A new concentrates product produced on a trial basis in 2024 will be sold commercially in 2025
Shipments
1,088,600
tonnes
Links to strategies
-
Deliver long-life, low-cost production
-
Allocate capital efficiently
Links to risks
- 4 Weather conditions
- 5 Uncertainty over physical characteristics of the orebody
- 6 Loss of production due to power supply and transmission interruption
- 7 Asset damage or loss
- 12 Industry cyclicality
- 13 Customer and/or market concentration
Description
Provides a measure of finished product volumes shipped to customers during the period (in tonnes).
Performance
Shipment volumes in 2024 were 1,088,600 tonnes, a 4% increase compared to 2023, supported by increased production of finished products and benefitting from consistently strong customer demand.
Cash Costs
$243.6m
Links to strategies
-
Deliver long-life, low-cost production
-
Allocate capital efficiently
Links to risks
- 1 Permitting, licensing and Government agreement risk
- 2 Country risk
- 14 Foreign currency risk
- 15 Unanticipated cost inflation
Description
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 finished product produced over time.
Performance
Total cash operating costs increased by 7% in 2024, compared to 2023. This was due to higher operating costs, mainly due to increased staff costs as a result of greater staff numbers and wage rates and higher power costs. Cash operating costs per tonne cost increased by 5%, benefitting from the 2% increase in production of finished products.
-
EBITDA
$157.1m
Links to strategies
-
Deliver long-life, low-cost production
-
Allocate capital efficiently
Links to risks
- 1 Permitting, licensing and Government agreement risk
- 2 Country risk
- 3 Geotechnical risk
- 4 Weather conditions
- 5 Uncertainty over physical characteristics of the orebody
- 6 Loss of production due to power supply and transmission interruption
- 7 Asset damage or loss
- 9 Material misstatement in the Ore Reserves & Mineral Resource table
- 10 IT security risk
- 12 Industry cyclicality
- 13 Customer and/or market concentration
- 14 Foreign currency risk
- 15 Unanticipated cost inflation
Description
Eliminates the effects of financing, tax and depreciation to allow assessment of the earnings and performance of the Group.
Performance
EBITDA decreased by 29% compared to 2023. This was the product of a 10% decrease in mineral product revenue, as a result of a 14% decrease in average price received, and total cash operating costs increasing by 7%. It was partially offset by a 4% increase in shipment volumes.
Profit After Tax
$64.9m
Links to strategies
-
Deliver long-life, low-cost production
-
Allocate capital efficiently
Links to risks
- 1 Permitting, licensing and Government agreement risk
- 2 Country risk
- 3 Geotechnical risk
- 4 Weather conditions
- 5 Uncertainty over physical characteristics of the orebody
- 6 Loss of production due to power supply and transmission interruption
- 7 Asset damage or loss
- 9 Material misstatement in the Ore Reserves & Mineral Resource table
- 10 IT security risk
- 12 Industry cyclicality
- 13 Customer and/or market concentration
- 14 Foreign currency risk
- 15 Unanticipated cost inflation
Description
Measures how well Kenmare is managing costs, increasing productivity and generating the most profit from its assets. It is also the basis on which the Group’s dividend payout ratio is assessed.
Performance
Profit after tax in 2024 was down 50% on 2023 as a result of lower revenues and higher operating costs in the financial year.
Total Capital Expenditure
$154.0m
Links to strategies
-
Operate responsibly
-
Allocate capital efficiently
Links to risks
- 4 Weather conditions
- 5 Uncertainty over physical characteristics of the orebody
- 7 Asset damage or loss
- 11 Development project risk
- 12 Industry cyclicality
- 14 Foreign currency risk
- 15 Unanticipated cost inflation
Description
Provides the amount spent by the Group on additions to property, plant and equipment in the period.
Performance
Capital expenditure increased significantly in the year, with $102 million spent on the upgrade work for WCP A ahead of its transition to the Nataka ore zone. $8m related to studies and the remaining $44 million related to various other capital additions.
Net Cash/(DEBT)
($25.0m)
Links to strategies
-
Deliver long-life, low-cost production
-
Allocate capital efficiently
Links to risks
- 6 Loss of production due to power supply and transmission interruption
- 7 Asset damage or loss
- 11 Development project risk
- 14 Foreign currency risk
- 15 Unanticipated cost inflation
Description
Total cash and cash equivalents less bank loans and lease liabilities are a measure of the Group’s financial leverage and an indication of how Kenmare is managing its balance sheet and capital structure.
Performance
Kenmare finished the year with net debt of $25.0 million (2023: net cash $20.7 million). This comprised $56.7 million (2023: $71.0 million) of cash and cash equivalents, debt of $80.4 million (2023: $48.8 million), and lease liabilities of $1.3 million (2023: $1.5 million).
Shareholder Returns
$28.6m
Links to strategies
-
Allocate capital efficiently
Links to risks
- 1 Permitting, licensing and Government agreement risk
- 2 Country risk
- 3 Geotechnical risk
- 4 Weather conditions
- 5 Uncertainty over physical characteristics of the orebody
- 6 Loss of production due to power supply and transmission interruption
- 7 Asset damage or loss
- 10 IT security risk
- 11 Development project risk
- 12 Industry cyclicality
- 13 Customer and/or market concentration
- 14 Foreign currency risk
- 15 Unanticipated cost inflation
Description
Shareholder returns comprise dividends and share buy-backs.
Performance
Shareholder returns in respect of 2024 were $28.6 million, representing 40% of profit after tax once adjusted to exclude non-recurring items. Shareholder returns comprised an interim dividend of $13.4 million and a final dividend of $15.2 million, totalling $28.6 million. The 2024 final dividend is to be approved by shareholders at the Annual General Meeting.
Return on Capital Employed
7%
Links to strategies
-
Allocate capital efficiently
Links to risks
- 1 Permitting, licensing and Government agreement risk
- 2 Country risk
- 3 Geotechnical risk
- 4 Weather conditions
- 5 Uncertainty over physical characteristics of the orebody
- 6 Loss of production due to power supply and transmission interruption
- 7 Asset damage or loss
- 10 IT security risk
- 12 Industry cyclicality
- 13 Customer and/or market concentration
- 14 Foreign currency risk
- 15 Unanticipated cost inflation
Description
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’s ROCE decreased by 46% in 2024 compared to 2023, driven by lower earnings in the year.
-
Risk key
- Strategic risks
- Operational risks
- Financial risks
- 1 Permitting, licensing and Government agreement risk
- 2 Country risk
- 3 Geotechnical risk
- 4 Weather conditions
- 5 Uncertainty over physical characteristics of the orebody
- 6 Loss of production due to power supply and transmission interruption
- 7 Asset damage or loss
- 8 Health, Safety and Environment
- 9 Material misstatement in the Ore Reserves & Mineral Resource table
- 10 IT security risk
- 11 Development project risk
- 12 Industry cyclicality
- 13 Customer and/or market concentration
- 14 Foreign currency risk
- 15 Unanticipated cost inflation
Links to strategic priorities
-
Operate responsibly
-
Deliver long-life, low-cost production
-
Allocate capital efficiently