Kenmare Resources saw its shares climb higher after reporting strong 2024 production results and providing encouraging guidance for 2025. The company highlighted a 17% increase in rutile production and reaffirmed its commitment to delivering consistent growth in the coming years.
Kenmare shares surged in early morning trading following the release of its 2024 production results and 2025 guidance . The data revealed a notable 17% increase in the amount of rutile mined. Shares climbed to 315.50p per share in the morning session before retreating to 312.5p per share by mid-afternoon. During 2024, Kenmare extracted a total of 41.25 million tonnes of ore from its Moma titanium mine. Heavy mineral concentrate (HMC) production amounted to 1.
446 million tonnes, comprising 1 million tonnes of ilmenite, 50,500 tonnes of zircon, 9,800 tonnes of rutile, and 46,100 tonnes of HM concentrates. Looking ahead to 2025, the company anticipates producing between 930,000 and 1,050,000 tonnes of ilmenite, 47,500 to 54,000 tonnes of zircon, and 9,000 to 10,000 tonnes of rutile. Estimated cash costs per tonne of finished product for 2025 are projected to range from $206 to $228.The fourth quarter of 2024 proved to be the strongest period for shipments, reaching 308,300 tonnes. While this represents a 5% decline compared to the previous year, the second half of 2024 (611,000 tonnes) significantly outperformed the first half (477,600 tonnes). Q4 2024 shipments included 261,300 tonnes of ilmenite, 30,300 tonnes of primary zircon, 3,700 tonnes of rutile, and 13,000 tonnes of concentrates. Kenmare attributed the 4% increase in shipments for 2024 to consistent strong customer demand for its products. However, the average price received decreased compared to 2023, as anticipated, due to increased supply exceeding demand. Despite this, the company maintains confidence in the long-term fundamentals for its products, primarily driven by medium- to long-term supply constraints within the titanium feedstocks industry and the favorable characteristics of its products. The company further noted that its average price received was higher in the second half of 2024 compared to the first half due to a higher value product mix in the second half, resulting from two zircon shipments being delayed from June to July
Kenmare Shares Production Rutile Titanium Moma Mine 2024 2025 Guidance Ilmenite Zircon Heavy Mineral Concentrate (HMC) Cash Costs Market Outlook
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