Kenmare Resources confirmed on Tuesday that an Abu Dhabi-based mining and trading group chaired by a brother of the president of the United Arab Emirates has made a bid approach for the Dublin-based titanium minerals miner.
It follows a report in The Irish Times that International Resources Holding (IRH), where Sheikh Tahnoon bin Zayed Al Nahyan is head of the board, has been running a fresh rule over Kenmare two years after it previously looked at pursuing a bid.
“The board of Kenmare Resources plc notes recent press speculation and confirms that it has received a non-binding proposal from International Resources Holdings RSC Ltd regarding a possible cash offer for the entire issued and to be issued share capital of Kenmare,” Kenmare said in a statement.
Kenmare added that discussions are ongoing and that IRH has been given a deadline of 5pm on November 17th to at least declare a firm intention to make a formal offer or walk away.
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Shares in Kenmare jumped 20.5 per cent to £2.185 in early deals in London, where they are more frequently traded than in Dublin.
Kenmare’s shares were trading more than 50 per cent below their 2024 highs before the news – their lowest level in more than seven years – amid ongoing falling prices for titanium minerals and uncertainty and protracted talks over a new royalties agreement regarding its key Moma mine in Mozambique.
The mine produces about 6 per cent of global titanium stocks. Its main products, ilmenite and rutile, are used in everything from paints, plastics and paper to aircraft, medical equipment and golf clubs.
Kenmare had a market value of about £163 million (€192 million) at the close of trading on Monday, having fallen 43 per cent in the past year.
News of the fresh interest of IRH comes 16 months after Kenmare Resources walked away from takeover talks with its former managing director, Michael Carvill, and another Abu Dhabi company, private equity firm Oryx Global Partners, after the consortium made it clear it would only be willing to proceed with a bid that was below an initial £473 million proposal previously made in March 2025.
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Carvill told The Irish Times on Monday he is not involved in – nor aware of – any fresh bid interest in Kenmare. He added that he has no interest in pursuing another proposal in the future.
Industry observers said that mining companies are continuously assessed by potential bidders, especially businesses with a small portfolio of assets that make it easier to carry out due diligence and fold into larger entity groups. However, most bid approaches in the industry do not end up in a deal, they cautioned.
They added that it would be difficult to maximise value for shareholders in an offer situation without the price of titanium minerals showing signs of recovery and an agreement with the Mozambique government on a new royalties regime – or so-called implementation agreement – covering processing and exports of Moma products.
The price of ilmenite is in its fourth year of decline. Kenmare said in August that its mineral product revenues fell 16 per cent in the first half of this year to $134.5 million (€120.6 million), primarily due to a lower average price received as a result of weak product markets.
However, the price of zircon, which accounts for about a quarter of revenues and is used to make ceramic tiles, has stabilised and is starting to increase again. Kenmare suspended its final dividend last year for the first time since it made a maiden payout in 2019.
Kenmare has been in talks for about four years with Mozambique on a new so-called implementation agreement. The previous 20-year accord expired just before the end of 2024, though the terms were to remain in place until a new one was reached.
The company said in August that it had made significant progress on a new accord. However, it added: “A failure to reach an agreement with the government of Mozambique on the IA [implementation agreement] and/or the imposition of a unilateral change of terms by the government on the company would be likely to lead Kenmare to resort to arbitration to enforce its contractual rights.”
