Abu Dhabi firm makes offer to acquire African titanium minerals miner
London-listed Kenmare Resources has informed shareholders that it has received a nonbinding proposal from Abu Dhabi-based International Resources Holdings (IRH) regarding a possible cash offer for the entire issued and to-be-issued share capital of Kenmare.
The terms of the proposed buyout offer were not disclosed.
Kenmare says discussions with IRH are ongoing and that there can be no certainty that a firm offer will be made, or as to the terms of any such offer, should one be made.
In accordance with Irish Takeover Rules, IRH has until November 17 to announce a firm intention to make an offer for Kenmare.
Kenmare owns and operates the Moma titanium minerals mine, in Mozambique. In 2025, the mine produced 842 300 t of ilmenite, 50 000 t of zircon and 8 600 t of rutile.
The company notes that titanium feedstocks such as ilmenite and rutile are mainly used in the production of titanium dioxide pigment. Other uses include titanium metal and welding electrode fluxes.
IRH, meanwhile, invests in metals and minerals needed for the transition to a low-carbon future, including copper, cobalt, nickel, lithium and iron-ore. It holds a 51% interest in Mopani Copper Mines, in Zambia.
Kenmare’s share price on the LSE rose to 255.5p a share after it made the announcement on October 6 – nearly 41% higher than its closing price of 181.4p a share at market close on October 5.
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