Publication of 2021 Annual Report

Kenmare Resources plc

(“Kenmare” or “the Company”)

 

8 April 2022

Publication of 2021 Annual Report

 

Kenmare Resources plc (LSE:KMR, ISE:KMR) today announces the publication and filing of its Annual Report for the year ended 31 December 2021.

The 2021 Annual Report (in ESEF-compliant and PDF formats) is available for inspection on the Company's website at www.kenmareresources.com/investors/reports-and-presentations

The 2021 Annual Report 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 2021 Annual Report is also available to view directly by clicking on the link at the end of this announcement.

It is expected that paper copies of the 2021 Annual Report will be posted to those shareholders who have requested to receive them on 21 April 2022.

2021 key highlights

Financial

• Recommended 2021 dividend of $32.1 million or USc32.71 per share (2020: USc10.00), up 227% on 2020, comprising an interim dividend of USc7.29 per share (paid in October 2021) and a final dividend of USc25.42 per share (expected to be paid in June 2022)
• 87% increase in revenue to $455.9 million in 2021 (2020: $243.7 million), driven by record shipments and a 21% increase in the average price received for Kenmare’s products
• 20% increase in total cash operating costs to $189.7 million (2020: $158.0 million) as a result of a 46% increase in finished product production, plus increased costs relating to repairs and maintenance, Heavy Mineral Concentrate (“HMC”) haulage from the Pilivili operations, and COVID-19 management
• 18% decrease in cash operating costs per tonne to $154 per tonne (2020: $188 per tonne), benefitting from increased product volumes. 26% decrease in net ilmenite unit costs to $93 per tonne (2020: $125 per tonne), due to increased ilmenite production and higher co-product revenues
• 182% increase in EBITDA to $216.1 million (2020: $76.7 million), due to increased production, stronger product pricing and lower unit costs, representing a 51% EBITDA margin (2020: 33%)
• 669% increase in profit after tax to $128.5 million (2020: $16.7 million) due to higher EBITDA, partially offset by increased depreciation charges
• Net debt position of $82.8 million at year-end 2021, compared to $64.0 million at year-end 2020, following the completion of the $81.6 million share buy-back

Operational

• Record annual HMC production of 1,555,900 tonnes, representing a 30% increase compared to 2020 (1,201,100 tonnes), benefitting from increased tonnes mined and higher ore grades
• 48% increase in ilmenite production to 1,119,400 tonnes (2020: 756,000 tonnes), benefitting from increased HMC processed
• 51% increase in shipments of finished products to 1,285,300 tonnes (2020: 853,100 tonnes), reflecting increased production and benefitting from improved transshipment capacity

For further information, please contact:

Kenmare Resources plc

Jeremy Dibb / Katharine Sutton

Investor Relations

ir@kenmareresources.com

Tel: +353 1 671 0411

Mob: +353 87 943 0367 / +353 87 663 0875

Murray (PR advisor)

Doug Keatinge

dkeatinge@murraygroup.ie

Tel: +353 1 498 0300

Mob: +353 86 037 4163

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 8% of global titanium feedstocks and the Group supplies to customers 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.

 

 

 

Attachment

• Kenmare Resources 2021 Annual Report