Kenmare Resources ended 2024 with a net profit of 1.3 billion meticals (20.9 million dollars), boosted by its operations at the Moma mine, located in the northern province of Nampula, reported O Económico.
The company is one of the world’s leading producers of titanium minerals, used in the manufacture of titanium dioxide pigments, widely applied in the paint, plastics and paper industries.
In 2024, the mine produced 1.09 million tonnes of minerals, including ilmenite, zircon and rutile, and recorded a net cash position of 3.7 billion meticals (58.9 million dollars), compared to 1.3 billion meticals (20.7 million dollars) in 2023. The dividend per share was 15 US cents, equivalent to 64 per cent of net profit, with Kenmare distributing a total of 17.6 billion meticals (280 million dollars) to its investors since 2019.
The company stands out as one of the biggest tax payers in the country and has reported efforts to boost the local economy, hiring Mozambican suppliers and strengthening the Nacala corridor. In addition, 97 per cent of its workers are Mozambican and Kenmare claims to have invested more than 1.2 billion meticals (20 million dollars) in community projects since 2004, in the areas of education, health and infrastructure.
In terms of sustainability, more than 90 per cent of the energy used at the Moma mine comes from hydroelectric sources. In 2024, more than 200,000 trees were planted as part of an environmental rehabilitation programme.
The mining company is also implementing projects to increase efficiency and production, which include the relocation of Factory A, at a cost of 341 million dollars, and the start of the Selective Mining Operation (SMO) in 2025, which should add 50,000 tonnes a year to production.
The mine’s concession has been renewed by the government until 2058, guaranteeing the continuity of operations in the long term. Kenmare says that these strategic projects will allow it to increase its production capacity and strengthen its contribution to the Mozambican economy.
