Strategic objectives

Kenmare operates the Moma Mine, located on the 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 Resources plc is a well-established and recognised major global supplier of titanium mineral sand products with a customer base operating in over fifteen countries. The output from the Mine operation 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.

View our strategy.

Strategic objectives, priorities and performance

Kenmare’s strategy is to create long-term shareholder value through the production and marketing of products derived from its extensive titanium minerals resources whilst maintaining a structured and disciplined approach to capital management.


Kenmare’s investment at Moma, a series of deposits with a life of over 140 years, provides a robust platform for developing low-capital intensity growth options, in line with market requirements.

Opportunities for diversification of the business are also continuously reviewed.


  • Final product output is currently constrained by Heavy Mineral Concentrate (HMC) production levels. The current strategy is to deliver higher HMC (and therefore final product) volumes through:
    1. higher productivity;
    2. increased mining capacity; and
    3. accessing higher grade ore.


  • 2017 was a year of record production and shipments of all final products.
  • Kenmare has delivered increased tonnes mined through increased utilisation of both mining plants and expanded operations at supplemental mining plants.
  • At the Mineral Separation Plant (MSP), projects have delivered increased recoveries (particularly for zircon), contributing to higher final production levels.


In addition to higher production volumes, Kenmare is identifying and targeting new opportunities to reduce costs or generate additional revenues, in order to increase margins.


  • Optimising the performance of existing assets is crucial to maximising margins.
  • Delivering absolute cost savings by more efficient supply chain management and resource allocation.
  • Increasing revenue capture through higher recoveries and additional revenue streams.


  • Enhanced mining fleet in place to increase the capacity of supplemental mining.
  • New specialised procurement team located in the Maputo office will help to streamline existing processes and drive further cost reductions.
  • In 2017, Kenmare completed a monazite concentrate feasibility study, a project that is being implemented in 2018.

Robust balance sheet

Strength and flexibility are at the core of Kenmare’s approach to its balance sheet structure. Currently conceived projects are expected to be funded from internally generated cash flows.


  • Maintaining low levels of net debt contributes to lower costs, helping to maintain positive free cash flows through economic and commodity cycles.
  • Maintaining a prudent level of cash and cash equivalents is a strategic priority. Shipments of products and receipts of cash are not spread evenly throughout the year, due to the nature of the business. A cash buffer helps to insulate the business from unexpected shocks.


  • At year end 2017, net debt was reduced to US$34 million from US$45 million at year end 2016.
  • At year end 2017, cash and cash equivalents increased to US$69 million from US$58 million at year end 2016.