Kenmare Resources (CDI) (KMR): Moma Implementation Agreement extension

This situation live

KMR Kenmare Resources (CDI)

£210m · 225.0p · −11% since the first step

21 Jan 2026 · Ongoing engagement, second Presidential meeting held · −10% until the next step Ongoing engagement with the Government of Mozambique regarding the extension of Moma’s Implementation Agreement (“IA”), including a second Presidential meeting in November 2025

9 Mar 2026 · Tax Authority imposing terms; arbitration possible · −15% until the next step it was agreed that the parties would work together to resolve any outstanding issues and to agree final terms for the IA renewal within a 30-day window, running until 20 March 2026.

25 Mar 2026 · Constructive negotiations; arbitration still possible · +8% until the next step We are in constructive negotiations and both sides appreciate the importance of a near-term resolution.

10 Apr 2026 · Ongoing engagement with Government; near-term resolution sought · +7% until the next step Ongoing engagement with the Government of Mozambique regarding the extension of Moma’s IA, which governs the fiscal terms of Moma’s processing and export activities, including two Presidential meeting

22 Apr 2026 · Missed 20 March target; talks continue · −16% until the next step While this objective was not realised, there continues to be constructive and regular engagement between Kenmare and the Government, focused on securing an agreed near-term outcome.

16 Jul 2026 · Talks continuing; no agreement · +8% until the next step Kenmare continued to engage with the Government of Mozambique in Q2 regarding the extension of its rights under Moma’s Implementation Agreement (“IA”), including providing clarification of its financi

19 Aug 2026 · Talks continuing; significant progress reported · +12% until the next step We continued to engage constructively with the Government of Mozambique regarding Moma’s Implementation Agreement during H1, with significant progress made over recent weeks on key issues.

15 Oct 2026 · Talks continuing; near-term conclusion sought · −3% since Securing the renewal of Moma’s Implementation Agreement remains a key priority and we are focused on a near-term conclusion of this process.

Legal & regulatory

Moma Implementation Agreement extension

Talks continuing; near-term conclusion sought

Next: Conclusion of IA renewal

Every step · 8

21 Jan 2026 Ongoing engagement, second Presidential meeting held – Ongoing engagement with the Government of Mozambique regarding the extension of Moma’s Implementation Agreement (“IA”), including a second Presidential... ↗
9 Mar 2026 Tax Authority imposing terms; arbitration possible – it was agreed that the parties would work together to resolve any outstanding issues and to agree final terms for the IA renewal within a 30-day window,... ↗
25 Mar 2026 Constructive negotiations; arbitration still possible – We are in constructive negotiations and both sides appreciate the importance of a near-term resolution. ↗
10 Apr 2026 Ongoing engagement with Government; near-term resolution sought – Ongoing engagement with the Government of Mozambique regarding the extension of Moma’s IA, which governs the fiscal terms of Moma’s processing and export... ↗
22 Apr 2026 Missed 20 March target; talks continue – While this objective was not realised, there continues to be constructive and regular engagement between Kenmare and the Government, focused on securing an... ↗
16 Jul 2026 Talks continuing; no agreement – Kenmare continued to engage with the Government of Mozambique in Q2 regarding the extension of its rights under Moma’s Implementation Agreement (“IA”),... ↗
19 Aug 2026 Talks continuing; significant progress reported – We continued to engage constructively with the Government of Mozambique regarding Moma’s Implementation Agreement during H1, with significant progress made... ↗
15 Oct 2026 Talks continuing; near-term conclusion sought – Securing the renewal of Moma’s Implementation Agreement remains a key priority and we are focused on a near-term conclusion of this process. ↗

What is happening

Kenmare Resources (CDI): Moma Implementation Agreement extension – Talks continuing; near-term conclusion sought. ['Talks continuing; near-term conclusion sought']

In short: Kenmare is negotiating renewal of the Moma Implementation Agreement. The 20 March 2026 target was missed and the 19 Aug results reported significant progress. The 15 Oct Q3 report says the Government maintained progress in Q3 and Kenmare operates on legacy terms. No agreement or deadline is stated.
Announced: 21 Jan 2026 · Ongoing engagement, second Presidential meeting held
Latest: 15 Oct 2026 · Talks continuing; near-term conclusion sought
Missed target: Final terms were due by 20 March 2026; not achieved
Government meeting: 19 February 2026 senior meeting agreed to work to resolve outstanding issues
Company stance: Negotiated conclusion preferred; right to safeguard entitlements reserved, up to and including arbitration
Mining scope: Mining operations under a separate regulatory framework, not affected
Status: Government maintained progress on renewal in Q3; Kenmare operating under legacy terms
Company input: Clarified financial proposal and investment intentions in H1
Earlier target: Final terms were due by 20 March 2026; missed
Agreement: None announced; no new deadline given

What comes next

Conclusion of IA renewal.

From the company's own announcements. Not investment advice.

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