Maputo, Oct. 7, 2026 (Lusa) - Investors from the United Arab Emirates are seeking to acquire one of the world's largest titanium mines in Mozambique after submitting a bid to buy Kenmare Resources plc, the owner of the Moma concession, the Irish company announced on Wednesday.
In a statement to the markets, Kenmare Resources plc, which operates the Moma heavy sand mine in the Mozambican province of Nampula, confirmed that it had received a non-binding proposal from International Resources Holdings RSC Ltd (IRH), based in the United Arab Emirates, to acquire the entire share capital of the company.
«The board of directors of Kenmare Resources plc confirms that it has received a non-binding proposal from International Resources Holdings RSC Ltd regarding a possible cash offer for the entire issued and to-be-issued share capital of Kenmare,» the statement reads.
The same statement added that discussions are ongoing, while noting that «there is no certainty that a firm offer will be made, nor regarding the terms of any offer, should it materialise».
Under Irish regulations governing takeover bids, the potential purchaser will have until 17 November to announce a firm intention to proceed or withdraw from the transaction.
The potential acquisition involves one of Mozambique's most important mining assets and, according to information previously provided to investors, the Moma mine accounts for around 6% of the global supply of titanium and has reserves with an estimated useful life of over 100 years.
In May, Kenmare revealed that it was holding «constructive» negotiations with the Mozambican government to renew the Implementation Agreement governing the concession's fiscal and operational conditions, while acknowledging, however, that it would resort to international arbitration if no agreement was reached.
In a presentation to investors, the company noted that the agreement expires on 1 December 2024, although it continues to operate «under the previous terms», subject to authorisation from Mozambique's government.
«Reflecting the government's desire to increase revenue from Moma, Kenmare has put forward several proposals with improved terms,» the mining company stated at the time, adding that its chief executive, Tom Hickey, met twice in 2025 with Mozambique's President, Daniel Chapo.
According to the company, the president «emphasised the importance of Moma to Mozambique» and expressed the government's intention to renew the agreement, although the parties are still finalising a timetable for the conclusion of the process.
Kenmare also maintains that any potential dispute over the renewal of the agreement would not affect the mine's operations, which focus primarily on tax issues, royalty payments and conditions associated with the industrial free zone regime. The company, which is listed in London and Dublin, emphasises that «constructive discussions between the parties are ongoing» and that it remains focused on reaching an agreement.
Daniel Chapo stated in March that, up to that point, both parties had maintained negotiations and agreed to pursue «arbitration» only as a last resort, reiterating that «the government continues to hold talks», whether with Kenmare or with Mozal, Africa's largest aluminium smelter, based in Maputo.
«We believe that within these negotiations we are conducting, it is possible to find solutions. Without a shadow of a doubt, because it is through dialogue that we reach an understanding,» the Head of State said at the time.
Kenmare states that it has already invested $875 million (€754.8 million) in the Moma mine.
Production of HMC heavy concentrate fell 15% in 2025 to 1,233,300 tonnes, while exports fell 13% to 947,900 tonnes.
Given the current uncertainty, Kenmare has recorded impairment losses of $301.3 million (€260 million) in its accounts, but forecasts total exports of 1.1 million tonnes of ore for this year.
PVJ/ADB // ADB.
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