Abu Dhabi-based International Resources Holding (IRH) has approached Kenmare Resources about a possible cash takeover, potentially expanding the investor’s African mining portfolio beyond copper into titanium minerals and zircon.
Kenmare, which operates the Moma Titanium Minerals Mine in northern Mozambique, says it has received a non-binding proposal for the acquisition of its entire issued and future share capital.
No purchase price or transaction terms have been disclosed, and there is no guarantee that the discussions will result in a formal offer.
Under Kenmare’s regulatory announcement, IRH has until November 17 to announce a firm intention to make an offer or confirm that it does not intend to proceed. The deadline may be extended with the consent of the Irish Takeover Panel.
The proposed deal would give IRH exposure to one of Mozambique’s major mineral-sands operations. Kenmare’s main products include ilmenite and rutile, which are used as feedstocks for titanium dioxide pigment, as well as zircon, which is widely used in ceramics.
Titanium dioxide pigment provides whiteness and opacity in products such as paints and plastics, linking the mine to global manufacturing and consumer-goods supply chains.
Kenmare said it had invested more than $1.5 billion in Moma, which began commercial production in 2009. The company estimates that its mineral resources could sustain production for more than 100 years at current rates. It also says 97% of its workforce is Mozambican.
The approach comes as Kenmare faces weaker financial performance. The company reported mineral-product revenue of $134.5 million in the first half of 2026, down 16% from a year earlier, and a $34.1 million loss after tax as lower product prices weighed on earnings.
Commissioning delays at its upgraded Wet Concentrator Plant A also affected operations. Kenmare said production improved in July and early August, while demand remained stable.
“Although the average price received for our products declined in H1, demand for Kenmare’s products remains stable”, managing director Tom Hickey said in its interim report.
IRH already has a significant mining investment in southern Africa through its 51% stake in Zambia’s Mopani Copper Mines, acquired in 2024. Mopani operates the Nkana and Mufulira mining complexes in Zambia’s Copperbelt and produces copper cathodes.
An acquisition of Kenmare would broaden IRH’s portfolio into mineral sands, adding exposure to titanium-bearing minerals and zircon alongside its existing copper interests.
The approach does not establish IRH’s reasons for pursuing Kenmare, and the companies have not announced an agreed transaction.
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Faustine Ngila is the AI Editor at Impact Newswire, based in Nairobi, Kenya. He is an award-winning journalist specializing in artificial intelligence, blockchain, and emerging technologies.
He previously worked as a global technology reporter at Quartz in New York and Digital Frontier in London, where he covered innovation, startups, and the global digital economy.
With years of experience reporting on cutting-edge technologies, Faustine focuses on AI developments, industry trends, and the impact of technology on society.
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