Kenmare Resources (CDI) (KMR): WCP A upgrade and Nataka transition

This situation live

KMR Kenmare Resources (CDI)

£210m · 225.0p · −19% since the first step

18 Nov 2025 · Commissioning under way; optimisation to end-2025 · −13% until the next step WCP A will complete its mine path in Namalope and begin its transition to Nataka from late Q2 2026, which is expected to take approximately 18 months.

17 Dec 2025 · Commissioning delayed to Q1 2026; slimes issues · +14% until the next step However, the plant is now expected to achieve nameplate capacity on a sustainable basis in Q1 2026.

21 Jan 2026 · Final commissioning; extra bottlenecks being rectified · −24% until the next step Commissioning of Wet Concentrator Plant (“WCP”) A has continued to advance during the past month, following the challenges reported in Q4, and we continue to target nameplate capacity operations at WC

25 Mar 2026 · Construction complete; commissioning challenges remain · +16% until the next step WCP A is expected to begin its transition to Nataka in H2 2026, securing production from Moma for future generations and allowing Kenmare to continue to deliver value for all stakeholders.

22 Apr 2026 · Construction complete; debottlenecking progressing · −16% until the next step All major construction and installation work associated with the upgrade of WCP A is now complete and the rate of capital expenditure has decreased substantially in Q1 2026.

16 Jul 2026 · Built, but nameplate still not consistently reached · +8% until the next step The Company had expected to achieve nameplate capacity at WCP A during Q2 2026; however, this has not been consistently delivered to date.

19 Aug 2026 · Construction complete; nameplate not yet consistent · +12% until the next step The Company had expected to achieve nameplate capacity at WCP A during H1 2026; however, this has not been consistently delivered to date.

15 Oct 2026 · Throughput improving; nameplate pushed to H1 2027 · −3% since Further improvements are expected in Q4, with nameplate capacity now expected to be achieved consistently in H1 2027.

Project milestones

WCP A upgrade and Nataka transition

Throughput improving; nameplate pushed to H1 2027

JUN30 Next: Nameplate 3,500 tph consistently achieved in 249 days

Every step · 8

18 Nov 2025 Commissioning under way; optimisation to end-2025 – WCP A will complete its mine path in Namalope and begin its transition to Nataka from late Q2 2026, which is expected to take approximately 18 months. ↗
17 Dec 2025 Commissioning delayed to Q1 2026; slimes issues – However, the plant is now expected to achieve nameplate capacity on a sustainable basis in Q1 2026. ↗
21 Jan 2026 Final commissioning; extra bottlenecks being rectified – Commissioning of Wet Concentrator Plant (“WCP”) A has continued to advance during the past month, following the challenges reported in Q4, and we continue... ↗
25 Mar 2026 Construction complete; commissioning challenges remain – WCP A is expected to begin its transition to Nataka in H2 2026, securing production from Moma for future generations and allowing Kenmare to continue to... ↗
22 Apr 2026 Construction complete; debottlenecking progressing – All major construction and installation work associated with the upgrade of WCP A is now complete and the rate of capital expenditure has decreased... ↗
16 Jul 2026 Built, but nameplate still not consistently reached – The Company had expected to achieve nameplate capacity at WCP A during Q2 2026; however, this has not been consistently delivered to date. ↗
19 Aug 2026 Construction complete; nameplate not yet consistent – The Company had expected to achieve nameplate capacity at WCP A during H1 2026; however, this has not been consistently delivered to date. ↗
15 Oct 2026 Throughput improving; nameplate pushed to H1 2027 – Further improvements are expected in Q4, with nameplate capacity now expected to be achieved consistently in H1 2027. ↗

What is happening

Kenmare Resources (CDI): WCP A upgrade and Nataka transition – Throughput improving; nameplate pushed to H1 2027. ['Throughput improving; nameplate pushed to H1 2027']

In short: WCP A upgrade construction is finished but commissioning is slow, mainly because of dredge performance. The 15 Oct Q3 report shows throughput of 3,100 tph at 49% utilisation, up from about 2,760 tph in H1. Nameplate of 3,500 tph is now expected consistently in H1 2027, and 2026 ilmenite guidance is cut.
Announced: 18 Nov 2025 · Commissioning under way; optimisation to end-2025
Latest: 15 Oct 2026 · Throughput improving; nameplate pushed to H1 2027
Q2 throughput: Averaged 2,800 tph against 3,500 tph design nameplate capacity
Cause: Extended commissioning of two new dredges; suppliers and consultants engaged
H1 throughput: Averaged 2,800 tph against 3,500 tph design nameplate
Recent trend: Throughput and utilisation improved in July and early August
Q3 throughput: 3,100 tph at 49% utilisation, against about 2,760 tph and 42% in H1
Nameplate target: 3,500 tph expected consistently in H1 2027
Dredge fix: Interim winch brake software in place; permanent solution on first dredge expected by year-end
Ilmenite guidance: 710,000 to 750,000 tonnes for 2026, from about 800,000

What comes next

Nameplate 3,500 tph consistently achieved (30 Jun 2027).

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Also at Kenmare Resources (CDI) 4 open

Upgrade / downgrade cycle2025 production guidance – Shipments guidance cut to about 1.05m tonnes Takeover targetPossible offer – approach Legal & regulatoryMoma Implementation Agreement extension – Talks continuing; near-term conclusion sought Balance-sheet stress / refinancingRCF covenant amendment talks – RCF upsized and covenants adjusted Takeover targetOffer for the company – offer · closed Kenmare Resources (CDI) – company page →