Kenmare Resources plc (LSE:KMR) told investors it expects production to improve in the second half, as first-half production proved weaker-than-expected amidst commissioning at its upgraded Wet Concentrator Plant A.
The small-cap miner forecasts 2026 ilmenite output of around 800,000 tonnes.
It noted that second-quarter ilmenite production fell 40% year on year to 147,200 tonnes, while heavy mineral concentrate output declined 37% to 225,000 tonnes, reflecting lower ore grades and reduced mining volumes.
Primary zircon production dropped 26% to 9,700 tonnes. Shipments nevertheless rose 53% to 277,700 tonnes as Kenmare drew down finished-product inventories. First-half shipments of 555,600 tonnes remained consistent with its full-year guidance of at least 1.1 million tonnes.
Kenmare, highlighting its expectation that production will improve in H2, said it anticipates WCP A performance will strengthen and WCP B will increase output.
Also, the miner noted that product markets continued to be weak in Q2, but demand for all of the company’s products remained stable.
It said, additionally, that net debt rose to US$175.7 million at June-end from US$158.8 million in December, although Kenmare said it received about US$14 million in early July.
