DAVY VIEW

Kenmare’s trading update for the first half of this year highlights a difficult mix of COVID-19 and a major capital project involving a logistically complex move of production facilities. Nonetheless, the group is now confident enough to restore partial guidance for the year and expects to commence mining in the new Pilivili zone in Q4. While our fiscal outcome for the year is under review given the now lower production expectation, operations continue to perform well, its markets have held up and the group remains in a strong financial position.