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KENMARE RESOURCES PLC Annual Report & Accounts 2018

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KENMARE RESOURCES PLC Annual Report & Accounts 2018 Kenmare Resources plc Resources Kenmare Annual Report and Accounts 2018 and Accounts Annual Report KENMARE RESOURCES PLC Annual Report & Accounts 2018 Kenmare Resources plc is one of the world’s largest producers of mineral sands products. Our production accounts for approximately 7% of global titanium feedstocks and we supply to customers operating in more than 15 countries. Kenmare’s products are key raw materials, ultimately consumed in everyday “quality-of- life” items such as paints, plastics and ceramic tiles. Our objective is to provide above average long- term returns to our shareholders, while delivering benefits for all our other stakeholders. For more information visit: www.kenmareresources.com] 2018 PERFORMANCE HIGHLIGHTS STRATEGIC REPORT 2 At a glance 4 Investment case 1,074kt 6 Our strategy Finished products shipped 8 Business model (up 3%) 10 Mine process outline 12 Key performance indicators 14 Chairman’s statement US$262.2m 16 Managing Director’s statement Revenue 18 Market report (up 26%) 20 Operational review 26 Development projects 30 Mineral reserves and resources 34 Finance review US$93.3m 38 Principal risks and uncertainties EBITDA 44 Sustainability report (up 54%) 52 Kenmare Moma Development Association CORPORATE GOVERNANCE US$50.9m 58 Board of Directors Profit after tax 60 Corporate governance report (up 162%) 64 Audit Committee report 67 Nomination Committee report US$13.5m 68 Directors’ remuneration report FINANCIAL STATEMENTS Net cash (up $47.6 million) 85 Directors’ report 91 Directors’ responsibilities statement 92 Independent auditors’ report 99 Consolidated statement 0.12 of financial position per 200k man-hours LTIFR 100 Consolidated statement (down 0.27) of comprehensive income 101 Consolidated statement of changes in equity 102 Consolidated statement of cash flows 103 Parent company statement of financial position 104 Parent company statement of changes in equity 105 Parent company statement of cash flows 106 Notes to the financial statements OTHER INFORMATION 140 Shareholder profile 141 Glossary – alternative performance measures 143 Glossary – terms 144 General information 1 STRATEGIC REPORT At a glance Kenmare’s principal activity is the operation of the Moma Mine, located on the northern coast of Mozambique. The Mine commenced production in 2007 and since then has produced over 11.6 million tonnes of Heavy Mineral Concentrate (HMC). The Mine contains globally significant reserves of heavy minerals, which include the titanium minerals ilmenite and rutile (primarily used to produce titanium dioxide (TiO2) pigment), as well as the mineral zircon. Listed on the London Stock Exchange and Euronext Dublin, Kenmare has a market-leading position as the world’s largest supplier of traded ilmenite, with demand for our products driven by growth in global gross domestic product (GDP) per capita. Revenue by product Finished products shipped 2018 1,074,400 2017 1,040,400 Ilmenite +3% 2016 1,024,200 69% 2015 800,400 2014 800,000 Tonnes Zircon Average price per tonne of all finished products 29% 2018 2018 US$M 229 2017 195 +17% 2016 133 262.2 2015 175 2014 207 Rutile US$ 2% EBITDA 2018 93.3 2017 60.5 +54% 2016 5.0 29+2+69T 2015 (12.0) 2014 9.0 Read more detail in the Market report page 18 US$m REVENUE BY REGION 56% Asia ILMENITE AND RUTILE ZIRCON Ilmenite and rutile are the principal Zircon is primarily mined as a co-product 25% feedstocks used to produce TiO2 pigment, of titanium minerals. It is an important raw Europe which accounts for ~90% of global feedstock material for the ceramics industry as an consumption. TiO2 pigment is used to impart opacifier and frit compound for decorative a brilliant white colour in the manufacture wall and floor tiles and sanitary ware. It is of paints, plastics and paper, as well as a also consumed in the foundry and refractory 19% number of other applications. industries and in a growing number of Rest of the world chemical applications. 2 Kenmare Resources plc Annual Report and Accounts 2018 STRATEGIC REPORT STRATEGIC Our mine paths Kenmare has had a presence in Mozambique for more than 30 years and in 2018, our production accounted for ~5% of the country’s exports. has been mining the Namalope deposit since 2007 A WCP A B and will continue to mine there until 2025. In 2025, WCP A will move to the Nataka deposit. C B WCP B has been mining the Namalope deposit since 2013 and will continue to mine there until 2020. In 2020, WCP B A will move to Pilivili. NAMALOPE C WCP C will begin mining the Namalope deposit in 2019 and currently has a 10 year defined mine path, before the operations will move to a new location. Mineral Separation Plant Conveyor and Jetty Nampula NATAKA Map area MUALADI Mozambique PILIVILI Read more detail in the Operational review page 22 NAMALOPE PILIVILI NATAKA 3.5% THM* 4.2% THM* 3.6% THM* Kenmare has been mining in Namalope Pilivili is the highest grade ore zone in Nataka is the largest ore zone, representing since 2007. Currently both WCP A and Kenmare’s portfolio, with an average grade more than 100 years of production at current WCP B are mining this ore zone. In 2019, of 4.2% THM and situated just 20km south mining levels. Within the larger Nataka ore Kenmare began construction of WCP C at west of Namalope. WCP B operations will zone, a high grade path has been identified Namalope to mine a high grade area, which move to Pilivili in 2020 on completion of the which averages 3.6% THM for 20 years. is inaccessible to the existing operations mine path in Namalope. Mining of this higher WCP A is expected to mine the Nataka ore due to their larger size. This additional grade ore is the last step necessary to lift zone from 2025, on completion of the existing operation will contribute to increased production volumes to 1.2 Mtpa of ilmenite mine path at Namalope. production of 1.2 million tonnes per annum from 2021. (Mtpa) of ilmenite from 2021. * THM is total heavy minerals. Annual Report and Accounts 2018 Kenmare Resources plc 3 STRATEGIC REPORT Investment case A strong investment case With a mine life of over 100 years and more than a 10-year production track record, Kenmare has a compelling platform for growth. Our strategy is to deliver strong shareholder returns through maximising the value of the Moma Titanium Minerals Mine. In line with this strategy, we have outlined our plans to increase production, expand our margins and deliver our maiden dividend. Read more on our strategy page 6 Image: Armindo Fortes, Production Supervisor, WCP B. 4 STRATEGIC REPORT STRATEGIC GROWTH >20% Kenmare is investing approximately US$145 million over the next two years to increase production to 1.2 Mtpa of ilmenite from 2021. MARGIN EXPANSION US$120–130/t Kenmare is targeting a reduction in its total cash operating costs to US$120-130/tonne from 2021 in order to deliver margin expansion. SHAREHOLDER RETURNS �20% In 2018, Kenmare announced its dividend policy to pay a minimum of 20% of profit after tax from 2019. 5 STRATEGIC REPORT Our strategy Strategic objectives: priorities, performance and outlook Kenmare’s strategy is to create long-term shareholder value through the production and marketing of products derived from our extensive mineral resources, while maintaining a structured and disciplined approach to capital management. This is underlined by our commitment to being a responsible corporate citizen. Growth Priorities Performance Outlook • Our strategy is to deliver larger HMC (and therefore final • 2018 was a year of record shipments of all finished products. • The construction of WCP C is expected to be commissioned product) volumes through: in 2019. It is anticipated to add an additional 150,000 tonnes • The upgrade of WCP B was commissioned and it is expected to of HMC production per annum. 1. increased productivity; be delivered at a cost more than 25% under the original budget. It is anticipated to add an additional 130,000 tonnes of HMC • The WCP B move to Pilivili is scheduled to be completed 2 expanded mining capacity – WCP B upgrade, development production per annum. in H2 2020. Following the move, Kenmare’s production is of WCP C; and expected to be 1.2 Mtpa of ilmenite from 2021. • A Definitive Feasibility Study (DFS) was completed for the 3. accessing higher grade ore – moving WCP B to Pilivili development of WCP C in Namalope and the project was in 2020. approved by the Board. • A Pre-Feasibility Study (PFS) was completed for the move of WCP B to Pilivili. Margin expansion Priorities Performance Outlook • Optimising the performance of existing assets is crucial • Increased dry mining capacity at WCP B. • The first dredge automation project is underway at WCP B and to maximising margin. Kenmare’s strategy has three points commissioning is expected in H1 2019. • Higher recoveries, particularly for zircon, at the Mineral of focus: Separation Plant (MSP). • Mine utilisation rates are expected to increase further in 2019, 1. increasing throughput – dry mining and dredge automation; in line with Kenmare’s objective of increasing utilisation to 80%. • The first production of a mineral sands concentrate product 2. raising utilisation – by improving mine planning processes (containing monazite, zircon and rutile) - this project was • Zircon recoveries are expected to increase further in 2019 to increase operating time; and completed on time and below budget. to 81%. 3. increasing revenue capture – through higher recoveries and additional product streams. Shareholder returns Priorities Performance Outlook • Establishing a dividend is an essential part of Kenmare’s • In December 2018 shareholders approved a capital reduction • Maiden dividend expected to be paid based on H1 2019 strategy to deliver shareholder value.
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