Kenmare Resources publish sustainability report and inaugural Climate strategy report

Kenmare Resources plc (LON:KMR, ISE:KMR) today announced the publication of its Sustainability Report and its inaugural Climate Strategy Report for the year ended 31 December 2021 and advises that both reports are available on the Company’s website at

2021 key sustainability highlights:

  • Lowest ever Lost Time Injury Frequency Rate (LTIFR) achieved in 2021 of 0.03 per 200,000 hours worked, an improvement of 88% compared to 2020 (0.25)
  • Kenmare’s Climate Policy approved by the Board and ambition to be Net Zero by 2040 established
  • Over 90% of electricity requirements in 2021 were generated from renewable (hydroelectric) sources (2020: 90%)
  • 198 hectares of mined land rehabilitated (2020: 181 hectares)
  • At year-end, 97% of employees at the Moma Mine were Mozambican (2020: 97%), with 83% of Moma management roles (supervisor and above) held by Mozambicans, including the General Manager (2020: 80%)
  • At year-end, female employees represented 12.5% of the Mine workforce, up from 10.6% in 2020
  • $2.3 million of continued investment was made into local communities through the Kenmare Moma Development Association (KMAD) (2020: $2.0 million)
  • $26.5 million of payments to the Government of Mozambique (2020: $20 million)
  • Kenmare was named as the most transparent company in Mozambique for the second consecutive year by the Centro de Integridade Pública (CIP) Extractive Industry Transparency Index

The 2021 Sustainability Report, aligned with the Global Reporting Initiative standards, aims to assist stakeholders to further understand our business by providing transparent demonstration and disclosure of Kenmare’s sustainability performance. The Company reports its performance against its 2021 sustainability targets, which were detailed in the 2020 Sustainability Report, and sets new targets for 2022 and 2025.

The 2021 Sustainability Report also outlines the strategy, policies, and management approach of Kenmare’s longstanding and on-going commitment to sustainability. These efforts are underpinned by the corporate values of Integrity, Commitment, Accountability, Respect and Excellence (ICARE) and Kenmare’s purpose of “responsibly meeting global demand for quality-of-life minerals.”

The 2021 Climate Strategy Report is aligned with the recommendations of Task Force on Climate-related Financial Disclosures (“TCFD”) and contains our disclosures in this regard. Kenmare supports the aims of the TCFD and believes businesses should communicate the risks and opportunities that climate change presents.

Kenmare has also published a Sustainability Fact Book, which is a Microsoft Excel document containing the Company’s key sustainability figures to allow investors to compare its performance to other companies in a quick and efficient manner. The Sustainability Factbook is available on the Company’s website at

Statement from Elaine Dorward-King, Chair of the Sustainability Committee:

“Kenmare made important progress in 2021 in all aspects of its sustainability agenda, most notably with its excellent safety record. The updated Sustainability Strategy sets out short and medium-term targets, which include continuing to increase the representation of women within the business, growing the economic opportunities associated with the Moma Mine through increased local procurement, and building upon our progressive rehabilitation programme to better balance food security and biodiversity. Kenmare’s inaugural Climate Policy was also approved by the Board, formalising our ambition to achieve Net Zero (Scopes 1 and 2) by 2040, with a short-term emissions reduction target of 12% by 2024.”

Statement from Michael Carvill, Kenmare Resources Managing Director:

“Kenmare continues to strive to create long-term sustainable benefits for all our stakeholders and make a tangible difference to the lives of our Mozambican host communities. With the publication of our second Sustainability Report and our first Climate Strategy Report, we continue to raise the standards of environmental, social and governance we hold ourselves to, and remain focused on our purpose of “responsibly meeting global demand for quality-of-life minerals.”

Publication of 2021 Annual ReportYou might also enjoy reading  Kenmare Resources plc 29.6% potential upside indicated by Berenberg Bank

The 2021 Annual Report (in ESEF-compliant and PDF formats) is available for inspection on the Company’s website at

The 2021 Annual Report has also been submitted to Euronext Dublin and the UK National Storage Mechanism and will shortly be available for inspection at the following locations:


The 2021 Annual Report is also available to view directly by clicking on the link at the end of this announcement.

It is expected that paper copies of the 2021 Annual Report will be posted to those shareholders who have requested to receive them on 21 April 2022.

2021 key highlights


  • Recommended 2021 dividend of $32.1 million or USc32.71 per share (2020: USc10.00), up 227% on 2020, comprising an interim dividend of USc7.29 per share (paid in October 2021) and a final dividend of USc25.42 per share (expected to be paid in June 2022)
  • 87% increase in revenue to $455.9 million in 2021 (2020: $243.7 million), driven by record shipments and a 21% increase in the average price received for Kenmare’s products
  • 20% increase in total cash operating costs to $189.7 million (2020: $158.0 million) as a result of a 46% increase in finished product production, plus increased costs relating to repairs and maintenance, Heavy Mineral Concentrate (“HMC”) haulage from the Pilivili operations, and COVID-19 management
  • 18% decrease in cash operating costs per tonne to $154 per tonne (2020: $188 per tonne), benefitting from increased product volumes. 26% decrease in net ilmenite unit costs to $93 per tonne (2020: $125 per tonne), due to increased ilmenite production and higher co-product revenues
  • 182% increase in EBITDA to $216.1 million (2020: $76.7 million), due to increased production, stronger product pricing and lower unit costs, representing a 51% EBITDA margin (2020: 33%)
  • 669% increase in profit after tax to $128.5 million (2020: $16.7 million) due to higher EBITDA, partially offset by increased depreciation charges
  • Net debt position of $82.8 million at year-end 2021, compared to $64.0 million at year-end 2020, following the completion of the $81.6 million share buy-back


  • Record annual HMC production of 1,555,900 tonnes, representing a 30% increase compared to 2020 (1,201,100 tonnes), benefitting from increased tonnes mined and higher ore grades
  • 48% increase in ilmenite production to 1,119,400 tonnes (2020: 756,000 tonnes), benefitting from increased HMC processed
  • 51% increase in shipments of finished products to 1,285,300 tonnes (2020: 853,100 tonnes), reflecting increased production and benefitting from improved transshipment capacity


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