Kenmare Resources shares jumped 36% after the company confirmed receiving a non-binding cash takeover proposal from Abu Dhabi-based International Resources Holdings RSC Ltd (IRH), Proactive Investors reported. The share surge valued the company at approximately £220 million.
Kenmare, listed in both London and Dublin, operates the Moma mining project in Mozambique, extracting ilmenite, rutile, and zircon. The company ranks as the world's fourth-largest producer of titanium feedstocks, which are primarily used in manufacturing titanium dioxide pigment for paints and plastics.
Responding to press speculation, Kenmare stated that discussions with IRH are ongoing, adding that no offer price has been disclosed and there is no certainty that a firm takeover bid will materialize.
IRH is an Abu Dhabi mining and trading group with resource interests across Africa. Citing the Irish Times, the report noted that IRH's board is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, a brother of the UAE president.
The approach follows an earlier unsuccessful bid in 2025 by Abu Dhabi private equity firm Oryx Global Partners and former managing director Michael Carvill. Kenmare's board rejected their £473 million opening proposal as too low, and the consortium withdrew in June 2025 after failing to agree on valuation.
Sources
- Proactive Investors · 2026-10-06
