Kenmare Resources (CDI) (KMR): Profit warning
This situation live
KMR Kenmare Resources (CDI)
20 Aug 2025 · profit warning · -4% on the day · −17% until the next step
While we remain hopeful of a successful conclusion to negotiations, we reserve the right to safeguard Kenmare's contractual entitlements, up to and including arbitration, if an agreement cannot be rea
18 Nov 2025 · below expectations · -6% on the day · −13% until the next step
WCP A has achieved nameplate capacity for periods of time and optimisation work is now required to ensure consistency, which we expect to largely deliver by the end of 2025.
17 Dec 2025 · profit warning · -5% on the day · +14% until the next step
As the volume of ore going through the plant has progressively increased during the past month, some issues have emerged, primarily relating to slimes management.
21 Jan 2026 · profit warning · +2% on the day · −24% until the next step
our primary operating focus for 2026 will be on value over volume, representing a shift from the historical focus on maximising production.
25 Mar 2026 · profit warning · -11% on the day · +8% until the next step
With peak capital expenditure on the Wet Concentrator Plant A upgrade project behind us, we have moved to a materially lower spend profile for 2026 and beyond.
10 Apr 2026 · profit warning · -1% on the day · −10% until the next step
Impairment charge of $301.3 million, inclusive of the $100.3 million impairment charge recognised in H1 2025, primarily due to lower future revenue projections associated with an uncertain pricing out
16 Jul 2026 · below expectations · +1% on the day · +8% until the next step
Shipments continued to be in line with the run rate of annual guidance, although production was lower than expected due to ongoing challenges with the commissioning of Wet Concentrator Plant A followi
19 Aug 2026 · profit warning · +7% on the day · +12% until the next step
Weak market conditions for our products, combined with the slower than expected commissioning of WCP A, continued to impact Kenmare's financial performance in H1 2026.
15 Oct 2026 · profit warning · fourth in 12 months · −3% since
ilmenite production in 2026 to be 710,000 to 750,000 tonnes, compared to approximately 800,000 tonnes, as previously guided due to ongoing commissioning challenges at WCP A
Profit warning
profit warning · fourth in 12 months
Directionbelow expectations / warning
Reaction on the day+3%
In 12 months8 statements in the same direction
Company's wordsilmenite production in 2026 to be 710,000 to 750,000 tonnes, compared to approximately 800,000 tonnes, as previously guided due to ongoing commissioning challenges at WCP A ↗
As of 15 Oct 2026 ↗
Since Oct 2023: 1145 situations of this kind; median share price +0% six months after they opened
DEC31
Next: SMO 2 commissioning in 67 days
Every step · 9
- 20 Aug 2025 profit warning · -4% on the day – While we remain hopeful of a successful conclusion to negotiations, we reserve the right to safeguard Kenmare's contractual entitlements, up to and... ↗
- 18 Nov 2025 below expectations · -6% on the day – WCP A has achieved nameplate capacity for periods of time and optimisation work is now required to ensure consistency, which we expect to largely deliver by... ↗
- 17 Dec 2025 profit warning · -5% on the day – As the volume of ore going through the plant has progressively increased during the past month, some issues have emerged, primarily relating to slimes management. ↗
- 21 Jan 2026 profit warning · +2% on the day – our primary operating focus for 2026 will be on value over volume, representing a shift from the historical focus on maximising production. ↗
- 25 Mar 2026 profit warning · -11% on the day – With peak capital expenditure on the Wet Concentrator Plant A upgrade project behind us, we have moved to a materially lower spend profile for 2026 and beyond. ↗
- 10 Apr 2026 profit warning · -1% on the day – Impairment charge of $301.3 million, inclusive of the $100.3 million impairment charge recognised in H1 2025, primarily due to lower future revenue... ↗
- 16 Jul 2026 below expectations · +1% on the day – Shipments continued to be in line with the run rate of annual guidance, although production was lower than expected due to ongoing challenges with the... ↗
- 19 Aug 2026 profit warning · +7% on the day – Weak market conditions for our products, combined with the slower than expected commissioning of WCP A, continued to impact Kenmare's financial performance... ↗
- 15 Oct 2026 profit warning · fourth in 12 months – ilmenite production in 2026 to be 710,000 to 750,000 tonnes, compared to approximately 800,000 tonnes, as previously guided due to ongoing commissioning... ↗
What is happening
Kenmare Resources (CDI): Profit warning – profit warning · fourth in 12 months. ['profit warning · fourth in 12 months']
- In short
- Kenmare has cut production and drawn down stocks since January 2026. The 15 Oct Q3 report lowers 2026 shipments guidance to about 1.05m tonnes from over 1.1m, blaming port delays. Finished stock rose to 284,200 tonnes in Q3 as production exceeded shipments, and cash operating costs are now expected near the top of the range.
- Announced
- 20 Aug 2025 · profit warning · -4% on the day
- Latest
- 15 Oct 2026 · profit warning · +3% on the day
- Guidance
- 2026 ilmenite production now approximately 800,000 tonnes, instead of more than 800,000
- H1 shipments
- 555,600 tonnes, up 14% YoY; guidance at least 1.1 million tonnes
- Finished stock
- 284,200 tonnes at end Q3, from 233,500 tonnes at end Q2
- Ilmenite guidance
- About 800,000 tonnes for 2026, instead of more than 800,000
- H1 HMC
- 442,200 tonnes, down 34% YoY, mostly lower ore grades
- Next milestone
- SMO 2 commissioning in Q4 2026
- Shipments guidance
- About 1.05 million tonnes for 2026, from over 1.1 million tonnes
- Cash costs
- Total cash operating costs towards upper end of $215m to $225m range
What comes next
SMO 2 commissioning (31 Dec 2026).
From the company's own announcements. Not investment advice.
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Legal & regulatoryMoma Implementation Agreement extension – Media reports unconfirmed by Government
Takeover targetPossible offer – approach
Project milestonesWCP A upgrade and Nataka transition – Throughput improving; nameplate pushed to H1 2027
Balance-sheet stress / refinancingRCF covenant amendment talks – RCF upsized and covenants adjusted · closed
Takeover targetPossible offer – ended · closed
Kenmare Resources (CDI) – company page →