Publication of 2023 Annual Report
April 04 2024 - 2:00AM
UK Regulatory
Publication of 2023 Annual Report
Kenmare Resources plc
(“Kenmare” or “the Company” or “the Group”)
4 April 2024
Publication of 2023 Annual
Report
Kenmare Resources plc (LSE:KMR, ISE:KMR), one of
the leading global producers of titanium minerals and zircon, which
operates the Moma Titanium Minerals Mine (the "Mine" or "Moma") in
northern Mozambique, today announces the publication and filing of
its Annual Report for the year ended
31 December 2023.
The 2023 Annual Report (in ESEF-compliant and
PDF formats) is available for inspection on the Company's website
and can be downloaded here. It has also been submitted to Euronext
Dublin and the UK National Storage Mechanism and will shortly be
available for inspection at the following locations:
https://direct.euronext.com/#/oamfiling
and
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The 2023 Annual Report is available to view
directly by clicking on the link at the end of this
announcement.
Paper copies are expected to be posted on 11
April 2024 to shareholders who have requested to receive them.
2023 key highlights
Financial
- Recommended 2023 dividend of $50.0
million or USc56.04 per share, a 3% increase compared to 2022
(USc54.31), comprising an interim dividend of USc17.50 per share
(paid in October 2023) and a final dividend of USc38.54 per share
(payable in May 2024)
- Mineral product revenue of $437.1
million, a 12% decrease compared to 2022 ($498.3 million), driven
by a 10% lower average price received for Kenmare’s products, due
to weaker markets and a 3% reduction in shipments
- Total cash operating costs of
$228.1 million, up 4% on 2022 ($218.7 million), due to increased
heavy mobile equipment rental, higher fuel costs, and costs
associated with a severe lightning strike in Q1 2023
- Cash operating costs per tonne of
$209, a 15% increase compared to 2022 ($182 per tonne), due to
higher total cash operating costs and a 9% decrease in production
of finished products
- EBITDA of $220.3 million,
representing a strong EBITDA margin of 50% (2022: 60%), despite
weaker product pricing driving a 26% decrease on 2022 ($298.0
million)
- Profit after tax of $131.0 million,
down 36% on 2022 ($206.0 million)
- Diluted earnings per share of $1.37
per share, a 35% decrease on 2022 ($2.12 per share)
- Net cash of $20.7 million at
year-end 2023 (2022: $25.7 million), with cash and cash equivalents
of $71.0 million (2022: $108.3 million)
- Share buy-back of 5.9% of Kenmare’s
issued share capital for £23.6 million ($30.0 million) completed in
September 2023
- Post-period end, new debt
facilities agreed for a $200 million Revolving Credit Facility to
enhance financial flexibility and support Kenmare’s planned capital
programmes
Operational and corporate
- As announced on 15 March 2024,
Managing Director Michael Carvill will step down from his executive
role and Board position later this year – the Nomination Committee
has commenced a process to find his successor
- Strong safety performance achieved
in Q4 2023 has continued in Q1 2024, with the milestone of three
million hours without a Lost Time Injury passed in late
February
- Heavy Mineral Concentrate (“HMC”)
production of 1,448,300 tonnes in 2023, a 9% decrease compared to
2022 (1,586,200 tonnes), due to lower ore grades and mining rates
impacted by power interruptions and a severe lightning strike in Q1
2023
- Ilmenite production of 986,300
tonnes in 2023, a 9% decrease on 2022 (1,088,300 tonnes), broadly
in line with a 9% reduction in HMC processed
- Shipments of finished products of
1,045,200 tonnes in 2023, a 3% decrease on 2022 (1,075,600 tonnes),
due to weaker product markets and poor weather conditions in Q4
2023
- Ilmenite production guidance for
2024 is 950,000 to 1,050,000 tonnes
- Production in 2024 will be second
half weighted, with Q1 2024 production expected to be in line with
Q1 2023 – material uplift in production expected in Q2 2024
For further information, please contact:
Kenmare Resources plc
Jeremy Dibb / Katharine Sutton / Michael Starke
Investor Relations
ir@kenmareresources.com
Tel: +353 1 671 0411
Mob: +353 87 943 0367 / +353 87 663 0875
Murray (PR advisor)
Paul O’Kane
pokane@murraygroup.ie
Tel: +353 1 498 0300
Mob: +353 86 609 0221
About Kenmare Resources
Kenmare Resources plc is one of the world's
largest producers of mineral sands products. Listed on the London
Stock Exchange and the Euronext Dublin, Kenmare operates the Moma
Titanium Minerals Mine in Mozambique. Moma's production accounts
for approximately 7% of global titanium feedstocks and the Company
supplies to customers operating in more than 15 countries. Kenmare
produces raw materials that are ultimately consumed in everyday
quality-of life items such as paints, plastics, and ceramic
tiles.
All monetary amounts refer to United States
dollars unless otherwise indicated.
- 2024-04-04 Kenmare 2023 Annual Report
Kenmare Resources (LSE:KMR)
Historical Stock Chart
From Jul 2024 to Aug 2024
Kenmare Resources (LSE:KMR)
Historical Stock Chart
From Aug 2023 to Aug 2024