Kenmare lowers ilmenite, rutile guidance for 2025 as Moma WCP A upgrades limit throughput

Kenmare Resources

Kenmare lowers ilmenite, rutile guidance for 2025 because upgrade delays are constraining output. Kenmare Resources cited delays at Wet Concentrator Plant A at its Moma mining complex in Mozambique. Kenmare lowers ilmenite, rutile guidance for 2025 as on-plant tailings work restricts plant throughput. Therefore, the company revised near-term volume expectations.

Kenmare cut ilmenite guidance to 870,000–905,000 tonnes from 930,000–1.05 million tonnes. It also cut rutile guidance to 8,500–9,500 tonnes from 9,000–10,000 tonnes. Meanwhile, Kenmare kept zircon and concentrates guidance unchanged. As a result, the revision centers on WCP A reliability and capacity recovery.

WCP A tailings upgrade limits throughput below nameplate capacity

WCP A’s tailings management upgrade is limiting overall throughput. The company said it needs further work to reach nameplate 3,500 tonnes per hour. However, the remaining works could extend into next year. Therefore, operational risk could persist through the next planning cycle.

The upgrade program already hit quarterly output. Ilmenite production fell 19% year on year in July–September. Rutile production fell 16% year on year in the same quarter. As a result, Kenmare lowers ilmenite, rutile guidance for 2025 to reflect the constrained run-rate.

Product stocks protect 2025 shipment targets despite lower production

Strong inventories will keep shipment plans intact. Kenmare said finished product stock rose 5% to 317,000 tonnes in July–September. Therefore, the company expects to ship 1 million tonnes of finished products this year.

This inventory cushion improves customer supply continuity. However, stocks cannot offset prolonged underperformance indefinitely. Meanwhile, pigment and titanium feedstock buyers watch supply reliability closely. As a result, restoration of stable WCP A throughput will remain the key KPI.

The Metalnomist Commentary

Mineral sands projects win on uptime as much as ore quality. Meanwhile, tailings upgrades often create hidden bottlenecks that cap throughput. Therefore, Kenmare’s near-term credibility will depend on clear milestones to restore 3,500 t/hr performance.