Maputo, July 21, 2025 (Lusa) - Australia’s Kenmare is investing €293 million to move mining operations in northern Mozambique, which has some of the world’s largest reserves of titanium and zircon, to the Nataka deposit, saying it will operate there “for decades”.
“As the largest ore zone in Moma’s portfolio, Nataka contains approximately 70% of the nine billion tonnes of mineral resources at Moma [current mine], and mining in this area will secure Moma’s production for the coming decades,” the company said in a statement sent to the markets by Kenmare that Lusa consulted on the changes in the mining company’s operations in Nampula province.
Upon completion of the project, which will cost $341 million (€293 million) and includes a two- to three-year phased schedule, Kenmare expects a 20% increase in titanium and zircon production capacity.
Kenmare expects mining operations to start at the Nataka deposit later this year, with the process taking place while it negotiates with Mozambique’s government for the continuation of the concession.
The Mozambican president said in March this year that he would renegotiate contracts for megaprojects exploiting the country’s resources, arguing that Mozambique has changed and now thinks differently.
“Mozambique has transformed over the past 20 years. Our population has grown, our thinking has evolved, and our goals and interests have diversified. Times change, desires change, and challenges also change,” said Daniel Chapo, speaking to journalists and pointing to Kenmare’s exploration as an example.
The concession for the Moma mine expired on 21 December last year, with the Australian mining company continuing to operate while negotiations for the renewal of the contract with the government are ongoing. The parties have spent several months working toward a conclusion.
The company is one of the world’s largest producers of mineral sands, listed on the London and Dublin stock exchanges. Its production in Mozambique accounts for approximately 7% of global titanium raw materials, with customers in more than 15 countries that use its heavy minerals in paints, plastics, and ceramics.
The Mozambican president met with Kenmare’s chief executive in Maputo on 13 June to discuss the future of the company’s investments.
“We had the opportunity to meet with the president today to discuss Kenmare’s investment history in Mozambique and our future investment plan, as well as our strategies for continuing to invest in the country in the coming decades,” said Kenmare CEO Tom Hickey after the meeting with Daniel Chapo.
Australian company Kenmare, which has been operating in Mozambique for over 30 years, manages the Moma mine, one of the world’s largest producers of titanium and zircon, situated in the northern province of Nampula.
‘We believe that the partnership between Kenmare and Mozambique has been good and we will seek to renew it in the coming years (...) the President was very open (...) and he understands our business. He has worked in Nampula and is familiar with our mine, having visited it. So he has a good understanding of the importance of what we do and the nature of our investment,’ added Tom Hickey.
In 2024, Kenmare’s profits declined by 50%, to $64.9 million (€60.2 million), the Australian mining company announced earlier.
The mining company added that revenue from mineral products extracted from the Moma mine fell 10% in 2024 to $392.1 million (€363.2 million), “due to a 14% reduction in the average price received for Kenmare’s products, partially offset by a 4% increase in shipments.”
PVJ/ADB // ADB.
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