Kenmare secures Moma Mine extension to 2044
Kenmare will invest at least US$200 million in Moma over 20 years, with higher royalties and US$50 million committed to social projects under the revised agreement with Mozambique
As the year draws to a close, Kenmare Resources has secured a significant deal for its Moma Mine in Mozambique.
Known as one of the leading global producers of titanium minerals and zircon, Kenmare announced that the Government of Mozambique’s Council of Ministers has approved the renewal of its key rights and concessions to operate the Moma Titanium Minerals Mine until 2044 under the Implementation Agreement (IA).
Tom Hickey, Managing Director of Kenmare, said the company was delighted that the extension of its rights and concessions under Moma’s IA had been approved.
“With Mineral Resources to support production for over 100 years, we have always taken a long-term view on our operations and relations in Mozambique. Consequently, we have agreed some changes to the applicable investment regime, which strike an appropriate balance between Kenmare’s interests and increased contribution to Mozambique. The extension provides Kenmare with the certainty to continue to invest in Moma and support our host communities, while continuing to generate returns for all stakeholders,” he said.
Moma’s Implementation Agreement and revised terms
In December 2024, the initial 20-year authorisation period for KMPL’s mineral processing and export activities came to an end. Kenmare has since been negotiating an extension for a further 20 years in accordance with the terms of the IA, while continuing to operate under the existing terms during the interim period.
On October 13, 2026, Mozambique’s Council of Ministers approved the extension to 2044, including the conditions for subsequent extension. Kenmare received official notification on October 29, 2026.
As part of the extension, the government approved changes to the fiscal regime, including an increase in royalties payable on gross revenues from the current 1% to 3% for 2025 to 2029, 4% for 2030 to 2034 and 5% for 2035 to 2044.
The revised terms also introduce a 20% withholding tax on services provided to KMPL from outside Mozambique, effective from the date an addendum to the IA reflecting the extension and applicable terms comes into effect.
In addition, KMPL has committed to investing at least US$200 million in plant, machinery and infrastructure over the 20-year extension period.
The agreement also allows the Government of Mozambique to purchase up to 20% of KMPL’s annual production, directly or through a third party, for local processing at market prices. The government must provide two years’ advance notice, unless a shorter period is agreed with KMPL.
Kenmare has further committed US$50 million towards social and corporate responsibility projects over the extension period. The projects will focus on education, health, transport, communication routes, energy, water and sanitation, while also creating opportunities for small and medium-sized enterprises.
The extension provides Kenmare with a longer-term framework for its operations at Moma, while increasing its financial and development commitments to Mozambique.
