Kenmare Resources (LON:KMR) said first-half shipments were ahead of the run rate needed to meet its full-year guidance, as the miner focused on converting elevated finished goods inventory into cash amid weaker mineral sands pricing.
Managing Director Tom Hickey told investors that shipments are the company’s “highest priority” in 2026, rather than production volumes, because Kenmare entered the year with substantial finished goods inventory
The company reported first-half shipments of 556,000 tonnes and said it remains on track for annual shipments guidance of more than 1.1 million tonnes. Kenmare owns and operates the Moma Titanium Minerals Mine in Mozambique, where it produces ilmenite, rutile and zircon. Hickey said the company accounts for about 6% of global titanium minerals supply and a similar proportion of Mozambique’s exports.
He also noted that titanium has been included on critical minerals lists in Europe, the U.K. and the U.S. Production affected by WCP A ramp-up Chief Operating Officer Ben Baxter said the first half was a safe period, with no lost-time injuries recorded. However, heavy mineral concentrate production fell 37% year over year, reflecting expected lower ore grades as mining at Namalope nears its end, as well as lower excavated ore volumes tied to a slower-than-expected ramp-up of WCP A.