By: OrePulse

International Resources Holdings, an Abu Dhabi-based investment firm, has put forward a non-binding proposal to acquire Kenmare Resources, the London-listed owner of the Moma titanium minerals mine in Mozambique, Kenmare said.

The approach, described as a potential all-cash offer covering all of Kenmare's existing and future shares, does not yet specify a price or other terms. Kenmare said in a statement that discussions with IRH are ongoing, adding that there is no certainty a firm offer will follow or, if one does, what its terms would be.

Under Irish Takeover Rules, which apply because Kenmare is incorporated in Ireland, IRH has until November 17, 2026, to either announce a firm intention to make an offer or walk away from the approach.

News of the approach sent Kenmare's London-listed shares sharply higher. The stock closed at 255.5 pence on October 6, roughly 41% above its October 5 closing price of 181.4 pence.

Kenmare's principal asset, the Moma mine in Mozambique, produces titanium mineral concentrates. In 2025 the operation yielded 842,300 tonnes of ilmenite, 50,000 tonnes of zircon and 8,600 tonnes of rutile. Ilmenite and the other titanium feedstocks produced at Moma are used mainly in the manufacture of titanium dioxide pigment, with smaller volumes going into titanium metal and welding applications.

IRH, the prospective acquirer, invests in metals linked to the energy transition, including copper, cobalt, nickel, lithium and iron ore. The firm already holds a 51% stake in Mopani Copper Mines, a separate copper operation in Zambia.

Kenmare has not disclosed further details of its discussions with IRH, and no firm offer has yet been made.