Titanium and zircon miner Kenmare Resources has reported lower mineral product revenues, a full year loss and the suspension of its final dividend due to challenging market conditions.
Kenmare operates the Moma Titanium Minerals Mine in northern Mozambique, and its products are used in such items as paints, plastics and ceramic tiles.
The company said today that its mineral product revenue fell by 20% to $312.1m on the back of a 13% decrease in shipments and a 6% decrease in the average price received for its products to $338 per tonne.
It posted an adjusted loss after tax of $23.7m for the year, compared to profit after tax of $64.9m in 2024.
Kenmare said that demand for its products was stable in 2025, although prices declined throughout the year due to market oversupply.
Kenmare said that due to the challenging conditions, it had to make some "difficult but responsible decisions", including retrenching 15% of its Moma employees and suspending its 2025 final dividend.
It added that it is focused on resuming dividend payments as soon as it is prudent to do so.
Shipments of finished products were down 13% year on year to 947,900 tonnes in 2025, but the company noted that two shipments were partially loaded at the end of the year, meaning they will be reflected in the first half of 2026's shipping volumes.
Kenmare said that Heavy Mineral Concentrate (HMC) production of 1,233,300 tonnes last year was down 15%, mainly due to lower excavated ore volumes relating to upgrade work at its Wet Concentrator Plant.
Ilmenite production of 842,300 tonnes was down 17%, due to lower volumes of HMC processed, it added.
Tom Hickey, Kenmare's Managing Director, said that while global uncertainty has increased in early 2026, Kenmare remains focused on operating our business as efficiently as possible.
"With peak capital expenditure on the Wet Concentrator Plant A upgrade project behind us, we have moved to a materially lower spend profile for 2026 and beyond and are targeting an operating cost reduction of approximately 10% this year," the Kenmare boss said.
He said the company generated adjusted EBITDA of $58m in 2025 from mineral product revenue of $312.1m representing an adjusted EBITDA margin of 19%.
"In light of the challenging market conditions, we have had to make some difficult but responsible decisions, including retrenching 15% of our Moma employees and suspending the 2025 final dividend," he said.
"This is in line with our commitment to maintaining balance sheet flexibility and ensuring the group's long-term financial stability. The Board recognises the importance of the dividend to many shareholders, and we are focused on resuming dividend payments as soon as it is prudent to do so," he added.
Tom Hickey also said that it continues to engage with the Government of Mozambique regarding the renewal of Moma's Implementation Agreement.
"I was pleased to meet with the Ministers for Mineral Resources and Energy and Economy in mid-February, and I emphasised the importance of bringing this process to a conclusion. We are in constructive negotiations and both sides appreciate the importance of a near-term resolution," he added.
