Company Profile

DUE TO THE ANNOUNCEMENT OF A NON-BINDING OFFER FOR KENMARE RESOURCES PLC, DAVY IS NOW IN A PERIOD OF ORDINARY COURSE RESEARCH. RESTRICTIONS THEREFORE APPLY TO OUR RESEARCH COVERAGE. Kenmare Resources is an Irish mining company that produces ilmenite, zircon and rutile from its mine in Moma, Mozambique. Ilmenite and rutile are titanium minerals mined for their titanium dioxide content that is used in 'quality-of-life' products such as paints, plastics, papers and cosmetics. Zircon is a co-product of titanium mining and is used in ceramics and foundries. Kenmare's production has grown considerably and it currently has a c.7% global market share in titanium dioxide feedstock and is the world's largest producer of merchant ilmenite. Economies of scale from its growth in production have led to it becoming a top quartile producer in terms of industry revenue to cash cost curves. The life of its mine is well over 100 years.