Kenmare Resources reports H1 2026 loss amid weak mineral prices

Kenmare Resources reported a decline in its first-half 2026 financial performance, recording a $34 million loss after tax. The company cited weak market conditions and lower average prices for titanium minerals and zircon as primary drivers for the downturn.

Mineral product revenue fell 16% year-on-year to $134.5 million. While shipments increased by 13% to 555,000 tonnes, the volume growth was insufficient to offset a 26% drop in average realized prices compared to the first half of 2025. EBITDA for the period was reported at approximately $4 million to $4.4 million.

Operational challenges included the slower than expected commissioning of the Wet Concentrator Plant A (WCP A). Consequently, the company moderated its 2026 ilmenite production guidance to approximately 800,000 tonnes. However, management noted that production improved in July and August, and the company remains on track to meet its annual shipment guidance of 1.1 million tonnes.