16th Jul 2026 16:44
(Alliance News) - Kenmare Resources on Thursday said it has continued to engage constructively with the government of Mozambique regarding Moma's implementation agreement during the second quarter of 2026, noting it is on track to achieve its 2026 shipments guidance.
The Dublin-based mining company operating the Moma titanium minerals mine in Mozambique said production in the first half of 2026 was softer than expected, with ilmenite production in 2026 expected at around 800,000 tonnes, down 5.0% from 842,300t in 2025.
Ilmenite output in the first half of 2026 was 273,100t, down 39% compared to 449,400t a year prior. Rutile production declined 44% to 2,700t from 4,800t, while primary zircon output was down 32% at 18,600t from 27,200t.
Kenmare said it is on track to meet its 2026 shipments guidance, with shipments in the first half in line with the guided run rate.
Managing Director Tom Hickey said: "The ilmenite market continued to be soft in Q2, but the zircon market recovered further, with higher prices achieved for all zircon products. We also saw encouraging demand for our new concentrates product, ZrTi, with full year concentrates guidance materially exceeded in H1.
We have continued to engage constructively with the government of Mozambique regarding Moma's implementation agreement during Q2. We were also pleased to secure a USD30 million upsize to our USD200 million revolving credit facility during the quarter which, along with adjustments to financial covenants, provides important additional financial flexibility during this period of weak market conditions."
Kenmare on its website says ZrTi primarily contains ilmenite, but also zircon, rutile and monazite, and is produced as a by-product. The company says ZrTi improves product loading efficiency.
Kenmare shares rose 1.4% to 192.60 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
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