Kenmare Q1 Output Falls On Plant Issues

(RTTNews) - Kenmare Resources plc (KMR.L, KMR.IR) on Wednesday reported lower production in the first quarter of 2026, impacted by operational challenges.

Heavy Mineral Concentrate (HMC) production fell 30% year-over-year to 217,200 tons, while ilmenite output declined 38% to 125,900 tons, mainly due to ongoing debottlenecking at its Wet Concentrator Plant A.

Shipments totaled 277,900 tons, down 10% year-over-year but in line with annual guidance.

Statement from Tom Hickey, Managing Director: "We are pleased to have returned to a strong safety performance in Q1 2026, with no Lost Time Injuries incurred. Shipments were in line with the run rate of our annual guidance, and we have already drawn down almost 100,000 tonnes of inventory."

"While our product markets remained soft in Q1, global supply curtailments and unplanned production disruptions are starting to reduce the oversupply of ilmenite, supporting a tighter market outlook. Encouragingly, the zircon market continues to show signs of recovery, with higher agreed prices in Q2, and we shipped more of our new product, ZrTi, in Q1 than we did in all of 2025. Although current geopolitical uncertainty has increased freight rates and affected access to some customers' port facilities, altering our shipping schedule in Q1, the overall impact of the war has been limited to date."