Kenmare cuts ilmenite guidance as WCP A upgrade issues persist

Kenmare Resources

Kenmare cuts ilmenite guidance again for 2025 as commissioning issues continue at its WCP A upgrade. The Mozambique-focused mineral sands producer lowered full-year output guidance to a minimum of 830,000 tonnes. Therefore, Kenmare cuts ilmenite guidance well below its original 930,000–1.05mn tonne outlook.

Kenmare cuts ilmenite guidance after higher ore throughput exposed slimes management constraints. Slimes are ultra-fine particles that reduce feed rates and weaken recoveries. Meanwhile, the company is prioritising process stability over short-term volume.

Slimes management becomes the main operational bottleneck

Kenmare identified slimes control as the key constraint during ramp-up at WCP A. Higher throughput increased the impact of ultra-fines on circuit performance. As a result, Kenmare is focusing on corrective work rather than pushing additional tonnes.

WCP A should reach its 3,500 t/hr nameplate capacity in the first quarter of 2026. However, the company already flagged that tailings and related upgrades could delay full performance into 2026. This timeline keeps operational risk elevated for near-term ilmenite supply.

What the revised guidance means for titanium feedstock supply chains

Ilmenite is a key titanium feedstock for pigment and titanium metal value chains. A lower output profile tightens availability for buyers who rely on predictable mineral sands shipments. Meanwhile, Kenmare also cut finished product shipment guidance to about 980,000 tonnes.

Two shipments will likely load in early 2026 rather than in 2025. Therefore, some buyers may see delivery timing shift across the year boundary. The project cost remains unchanged at $341mn, which signals Kenmare is absorbing the issue operationally, not financially.

The Metalnomist Commentary

This downgrade looks like a classic ramp-up penalty after a major plant upgrade. However, slimes control often needs iterative tuning at higher loads. Buyers should watch Q1 2026 closely for proof of sustained nameplate performance.