Kenmare Resources (CDI) (KMR): Value over volume, inventory drawdown

This situation live

KMR Kenmare Resources (CDI)

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

21 Jan 2026 · 2026 guidance set, production cut to run down stock · −24% until the next step Under this approach, we will be producing sufficient volumes to achieve product shipments of at least 1.1 million tonnes, an increase of over 15% year-on-year, which will unlock the value of the worki

25 Mar 2026 · Drawdown under way in Q1 2026 · +16% until the next step Total shipments are expected to be in excess of 1.1 million tonnes in 2026 – Kenmare plans a significant draw down of its finished product stockpiles by adjusting production

22 Apr 2026 · 99,900 tonnes drawn down in Q1 · −16% until the next step This reflects a drawdown of 99,900 tonnes, aligned with Kenmare’s plan to unlock value.

16 Jul 2026 · Drawdown continuing; production below plan · +8% until the next step Shipments during the year-to-date of 555,600 tonnes have been in line with the run rate required to meet annual guidance of at least 1.1 million tonnes, realising value from Kenmare’s relatively high

19 Aug 2026 · Drawdown continuing; H2 recovery expected · +12% until the next step Shipments during the year-to-date of 555,600 tonnes (including ZrTi) have been in line with the run rate required to meet annual guidance of at least 1.1 million tonnes, realising value from Kenmare’s

15 Oct 2026 · Shipments guidance cut to about 1.05m tonnes · −3% since We also expect 2026 shipments to be slightly lower than guidance at approximately 1.05 million tonnes.

Upgrade / downgrade cycle

Value over volume, inventory drawdown

Shipments guidance cut to about 1.05m tonnes

DEC31 Next: SMO 2 commissioning in 68 days

Every step · 6

21 Jan 2026 2026 guidance set, production cut to run down stock – Under this approach, we will be producing sufficient volumes to achieve product shipments of at least 1.1 million tonnes, an increase of over 15%... ↗
25 Mar 2026 Drawdown under way in Q1 2026 – Total shipments are expected to be in excess of 1.1 million tonnes in 2026 – Kenmare plans a significant draw down of its finished product stockpiles by... ↗
22 Apr 2026 99,900 tonnes drawn down in Q1 – This reflects a drawdown of 99,900 tonnes, aligned with Kenmare’s plan to unlock value. ↗
16 Jul 2026 Drawdown continuing; production below plan – Shipments during the year-to-date of 555,600 tonnes have been in line with the run rate required to meet annual guidance of at least 1.1 million tonnes,... ↗
19 Aug 2026 Drawdown continuing; H2 recovery expected – Shipments during the year-to-date of 555,600 tonnes (including ZrTi) have been in line with the run rate required to meet annual guidance of at least 1.1... ↗
15 Oct 2026 Shipments guidance cut to about 1.05m tonnes – We also expect 2026 shipments to be slightly lower than guidance at approximately 1.05 million tonnes. ↗

What is happening

Kenmare Resources (CDI): Value over volume, inventory drawdown – Shipments guidance cut to about 1.05m tonnes. ['Shipments guidance cut to about 1.05m tonnes']

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: 21 Jan 2026 · 2026 guidance set, production cut to run down stock
Latest: 15 Oct 2026 · Shipments guidance cut to about 1.05m tonnes
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).

Briefing Pro

New to Kenmare Resources (CDI)? Get up to speed in 2 minutes.

What it does, how it got here, what management promised and delivered – written from its own announcements.

Get the KMR briefing →

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

Also at Kenmare Resources (CDI) 5 open

Upgrade / downgrade cycle2025 production guidance – Shipments guidance cut to about 1.05m tonnes Takeover targetPossible offer – approach Project milestonesWCP A upgrade and Nataka transition – Throughput improving; nameplate pushed to H1 2027 Legal & regulatoryMoma Implementation Agreement extension – Talks continuing; near-term conclusion sought Balance-sheet stress / refinancingRCF covenant amendment talks – RCF upsized and covenants adjusted Kenmare Resources (CDI) – company page →