Latest news with #KenmareResources
Irish Independent
17-07-2025
- Business
- Irish Independent
Kenmare Resources to take $125m impairment on assets, one month after buyout deal rejected
Charge comes amid uncertain medium-term economic backdrop Kenmare Resources, the Irish mining group whose operations are in Mozambique, is taking a maximum $125m (€107m) impairment charge against its assets due to uncertain future market conditions. The company said that while demand for all the products it extracts from its Moma mine is stable, the medium- term outlook could impact the firm.
Irish Times
16-07-2025
- Automotive
- Irish Times
Trump threat to fire Fed chair sends Wall Street lower
Global shares were mixed on Wednesday as chipmakers dragged on technology stocks and trade war anxieties came to the fore. Later in the afternoon, Bloomberg reported that US President Donald Trump expects to fire the Federal Reserve chairman soon, plunging Wall Street's main indices into the red. Dublin Led lower by the larger caps, the Iseq index fell by more than 1 per cent, broadly in line with its European counterparts. Bank stocks dropped, with AIB shedding 1.8 per cent to close at €6.69 per share while Bank of Ireland fell by 0.6 per cent to €12.07. READ MORE Kingspan slid more than 2.5 per cent to €69.35 while Ryanair treaded water, closing at €23.55. Also of note, Kenmare Resources shed almost 5.8 per cent to close at €3.58 per share after the titanium minerals miner said it expects to take an impairment charge of as much as $125 million (€107.7 million) against its mining assets in Mozambique as it lowered its future revenue assumptions. Europe European shares dropped, with the blue-chip Stoxx 50 index down 1.2 per cent, dragged lower by technology and auto stocks. Shares in ASML plunged by more than 11.3 per cent, its biggest single-day fall in nearly nine months, after the world's biggest supplier of computer chip-making equipment warned it may not achieve growth in 2026, despite second-quarter bookings beating expectations. European auto stocks fell 1.3 per cent, led by Renault, which dropped 17.4 per cent to a more than one-year low, after the French carmaker on Tuesday lowered its full-year operating margins forecast and naming finance chief Duncan Minto as an interim chief executive. Stellantis fell 3.3 per cent after the carmaker said it would discontinue its hydrogen fuel cell technology programme and no longer launch a range of hydrogen-powered vehicles this year. London The UK's main indices outperformed their European peers with the benchmark FTSE 100 down just 0.1 per cent while the mid-cap FTSE 250 dipped 0.4 per cent. Britain's annual rate of consumer price inflation unexpectedly rose to its highest in over a year at 3.6 per cent in June, as higher costs of motor fuel, transport and food pushed up prices. Barclays shed 0.2 per cent after British regulators fined the bank £42 million over failures to properly identify financial crime risks with two clients. Bank shares were otherwise mixed, with NatWest shedding almost 0.6 per cent while Lloyds added 0.2 per cent and HSBC dropped 0.1 per cent. AstraZeneca fell 0.6 per cent after the drugmaker's experimental therapy, anselamimab, failed to meet the main goal of a late-stage study for the treatment of AL amyloidosis. Rio Tinto rose 1.2 per cent after the mining giant reported its strongest second-quarter iron ore production since 2018. New York A muted opening on Wall Street was followed by a sharp dip across the main equities indices after Bloomberg, citing a White House source, reported that US president Donald Trump is likely to fire Federal Reserve chairman Jerome Powell soon. The Dow Jones Industrial Average fell 0.2 per cent while the S&P 500 and the Nasdaq Composite both lost 0.3 per cent by around 5pm in Dublin. The US dollar fell by as much as 0.7 per cent against a basket of big currencies in a matter of moments after the news hit, while rate-sensitive areas of the market such as US regional banking shares, fell and gold rallied. Shares in Bank of America fell 2.3 per cent. Goldman Sachs shed 0.3 per cent despite posting the largest revenue haul in Wall Street history. Morgan Stanley shares slid more than 3 per cent. Chip-maker Micron fell 3.5 per cent in line with a wider sectoral move while Nvidia slid by 0.3 per cent. – Additional reporting: Bloomberg, Reuters
Irish Times
16-07-2025
- Business
- Irish Times
Kenmare to take up to $125m charge amid uncertain titanium minerals pricing
Kenmare Resources shares fell on Wednesday as the titanium minerals miner said it expects to take an impairment charge of as much as $125 million (€107.7 million) against its mining assets in Mozambique as it lowered its future revenue assumptions. The Dublin-listed company, which abandoned takeover talks with its former managing director Michael Carvill and Abu Dhabi private equity firm Oryx Global Partners last month, said that pricing for its main product, ilumenite, fell in the first quarter of this year, though it has stabilised since then. The price of zircon and rutile have continued to decline so far this year, Kenmare said in a statement. Shares in Kenmare were down 5.8 per cent in midday trading in Dublin, bringing it close to levels seen before news of the bid approach emerged in early March. READ MORE Ilmenite and rutile are used in the manufacture of everything from paints and plastics to ceramics and textile. Zircon is widely used in the foundry industry. Davy analyst Colin Grant noted that Kenmare booked a $64.8 million impairment charge in the previous commodity price downcycle in 2014. 'Global demand for titanium feedstocks remained robust, supported by improved sentiment among pigment producers outside of China,' Kenmare said. 'This followed the introduction of anti-dumping duties on Chinese pigment producers, which Western producers responded to by increasing plant utilisation rates, leading to anticipated stronger margins and bolstering demand for Kenmare's products.' However, the company, which operates the Moma mine in Mozambique, said uncertainty regarding market conditions in the medium term led it to lower its long-term pricing assumptions and take a charge against its assets. 'While this is disappointing, it will be a non-cash charge with no anticipated impact on our operations, projects or financing facilities or the company's ability to pay dividends,' said chief executive Tom Hickey. Carvill and Oryx's original offer of £5.30 per share – or £473 million (€545.6 million) – was rejected by Kenmare's board in March as undervaluing the company. However, the company allowed the consortium access to its books to carry out due diligence, with a view to improving its bid. Kenmare withdrew from the talks when the consortium indicated last month that it planned to reduce its offer. Mr Carvill, who founded Kenmare in 1986 and stepped down last August, told The Irish Times the that lower proposal was partly down to concerns about titanium minerals prices as the global economic outlook has deteriorated since the initial bid approach, amid concerns about the Trump administration's trade policies and escalating conflict in the Middle East. It also reflected how the Mozambique government is seeking higher mineral processing and exporting royalties from Kenmare, he said. Mr Hickey met with the president of Mozambique in Juen and said that 'constructive discussions' with the government are continuing regarding the extension the royalties contract, or so-called Moma implementation agreement.
Yahoo
03-07-2025
- Business
- Yahoo
Kenmare Resources plc (LON:KMR) has caught the attention of institutional investors who hold a sizeable 49% stake
Significantly high institutional ownership implies Kenmare Resources' stock price is sensitive to their trading actions A total of 6 investors have a majority stake in the company with 54% ownership Using data from analyst forecasts alongside ownership research, one can better assess the future performance of a company AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. If you want to know who really controls Kenmare Resources plc (LON:KMR), then you'll have to look at the makeup of its share registry. We can see that institutions own the lion's share in the company with 49% ownership. Put another way, the group faces the maximum upside potential (or downside risk). Because institutional owners have a huge pool of resources and liquidity, their investing decisions tend to carry a great deal of weight, especially with individual investors. As a result, a sizeable amount of institutional money invested in a firm is generally viewed as a positive attribute. Let's take a closer look to see what the different types of shareholders can tell us about Kenmare Resources. Check out our latest analysis for Kenmare Resources Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it's included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing. As you can see, institutional investors have a fair amount of stake in Kenmare Resources. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Kenmare Resources' historic earnings and revenue below, but keep in mind there's always more to the story. Kenmare Resources is not owned by hedge funds. Looking at our data, we can see that the largest shareholder is Oman Investment Authority with 17% of shares outstanding. For context, the second largest shareholder holds about 14% of the shares outstanding, followed by an ownership of 8.0% by the third-largest shareholder. On further inspection, we found that more than half the company's shares are owned by the top 6 shareholders, suggesting that the interests of the larger shareholders are balanced out to an extent by the smaller ones. Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. There are a reasonable number of analysts covering the stock, so it might be useful to find out their aggregate view on the future. The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO. I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions. Our most recent data indicates that insiders own less than 1% of Kenmare Resources plc. However, it's possible that insiders might have an indirect interest through a more complex structure. It seems the board members have no more than UK£2.4m worth of shares in the UK£302m company. We generally like to see a board more invested. However it might be worth checking if those insiders have been buying. The general public-- including retail investors -- own 30% stake in the company, and hence can't easily be ignored. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies. It seems that Private Companies own 3.4%, of the Kenmare Resources stock. Private companies may be related parties. Sometimes insiders have an interest in a public company through a holding in a private company, rather than in their own capacity as an individual. While it's hard to draw any broad stroke conclusions, it is worth noting as an area for further research. It's always worth thinking about the different groups who own shares in a company. But to understand Kenmare Resources better, we need to consider many other factors. For example, we've discovered 2 warning signs for Kenmare Resources that you should be aware of before investing here. If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check this free report showing analyst forecasts for its future. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. — Investing narratives with Fair Values Suncorp's Next Chapter: Insurance-Only and Ready to Grow By Robbo – Community Contributor Fair Value Estimated: A$22.83 · 0.1% Overvalued Thyssenkrupp Nucera Will Achieve Double-Digit Profits by 2030 Boosted by Hydrogen Growth By Chris1 – Community Contributor Fair Value Estimated: €14.40 · 0.3% Overvalued Tesla's Nvidia Moment – The AI & Robotics Inflection Point By BlackGoat – Community Contributor Fair Value Estimated: $384.84 · 0.2% Overvalued View more featured narratives — Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Irish Times
01-07-2025
- Business
- Irish Times
Banks and defence sectors weigh on European shares
European shares fell on Tuesday on the back of poor performances from the banking and defence sectors, as uncertainty continues to weigh on investors. London bucked the European trend to close in the green. Dublin The Iseq All-Share index started the third quarter of the year in the red, down 87.71 points to 11,334.00. The Dublin stock exchange's losses were led by Kenmare Resources which dropped 3.61 per cent. Further developments around a possible acquisition of the firm by former boss Michael Carville emerged in recent days. In a mixed day for the banks, AIB fell 2.79 per cent to €6.79, joined by Bank of Ireland which dropped 1.66 per cent to €11.885, while Permanent TSB was steady. Defensive stock Uniphar plc, the healthcare services group, dropped 2.27 per cent to €3.665, while Ryanair dipped 0.83 per cent. READ MORE Of the big caps, Glanbia were the winners on the day, rising 2.64 per cent to €12.83 as its share price continues to recover. LONDON London's internationally oriented FTSE 100 rose 0.28 per cent, while the domestically-focused midcap index added 0.54 per cent. Midcap stocks ended June by logging their best quarter in over four years while the blue-chip index logged monthly losses. Drugmaker AstraZeneca's shares rose 2.7 per cent after multiple sources told the Times that chief executive Pascal Soriot was considering moving the company's listing to the US. Traders are currently pricing in a 78 per cent chance of a rate cut by the Bank of England in August. Precious metal mining stocks led sectoral gains, rising 2.4 per cent as safe-haven gold jumped over 1 per cent on the weaker dollar and US tariff uncertainty. Endeavour Mining and Fresnillo added 2.8 per cent and 1 per cent, respectively. Hochschild Mining gained 5.3 per cent. Losses were led by aerospace and defence index, which declined 2.2 per cent. Rolls-Royce fell 2.9 per cent and Babcock lost 2.5 per cent. Food retailer Sainsbury's shares slid 1.1 per cent despite reporting a higher-than-expected rise in quarterly sales. Standard Chartered Bank shares fell 2 per cent after liquidators for Malaysia's sovereign wealth fund 1MDB sued the bank in Singapore alleging fraud that led to more than $2.7 billion (€2.29) in losses more than 10 years ago. In other news, Britain's competition watchdog cleared Aviva's £3.7 billion ($5.08 billion) takeover of smaller rival Direct Line that will create the UK's largest home and motor insurer. Shares of Aviva were up 0.8 per cent, while those of Direct Line rose 0.5 per cent Europe European shares ended slightly lower on Tuesday, with industrials and banks the biggest drags as investors weighed uncertainty over US trade deals with the July tariff deadline fast approaching and discussions on a US tax bill. The pan-European STOXX 600 index closed 0.2 per cent lower, coming off a more than 1 per cent fall for the month of June. Most regional bourses clocked declines, though UK's blue-chip FTSE 100 was an outlier with a 0.3 per cent rise. Industrials led losses among the major STOXX subsectors with a 1.7 per cent fall. Defence-related companies including Germany's Rheinmetall, Sweden's Saab and Italy's Leonardo all fell more than 5 per cent each. Banks also slid 1.3 per cent, with Germany's Deutsche Bank down the most with a 3.6 per cent decline. New York The S&P 500 and the Nasdaq fell from record highs in midafternoon trading on Tuesday, as Tesla shares were hit by a renewed spat between chief executive Elon Musk and US President Donald Trump, while better-than-expected economic data backed the US central bank's patient stance on rate cuts. Tesla dropped after Mr Trump threatened to cut off the billions of dollars in subsidies that Mr Musk's companies get from the federal government, after Mr Musk revived his criticism of Mr Trump's wide-ranging tax-cut and spending bill. The major indexes were mixed, but technology stocks led the decline among the major S&P sectors, while material stocks and the healthcare sector climbed. Shares of US-based casino operators rose after Macau reported a rise in June gambling revenue. Wynn Resorts and Las Vegas Sands, as well as MGM Resorts International climbed. – Additional reporting, Reuters, PA.
