An Abu Dhabi-backed investment firm has submitted a non-binding proposal to acquire Irish mining company Kenmare Resources, prompting a sharp rise in the miner’s share price. Kenmare, headquartered in Dublin and listed on the London Stock Exchange, confirmed receipt of the offer from International Resources Holding (IRH), a subsidiary of the International Holding Company (IHC), which is controlled by Abu Dhabi’s ruling family.
Kenmare did not disclose specific terms of the proposal but noted that discussions with IRH are ongoing, while emphasizing there is no certainty that a firm offer will be forthcoming. The announcement was issued to address recent media speculation and was made without IRH’s approval.
Shares in Kenmare surged by as much as 44 percent, trading at 262 pence at their peak and valuing the company at roughly £232 million. The stock closed up 21.3 percent at 220 pence. Under UK takeover rules, IRH must announce a firm intention to make an offer by 5 p.m. on November 17.
The proposed acquisition comes after Kenmare rejected a takeover offer last June from a consortium that included its former chief executive Michael Carvill, who stepped down in May, and Oryx Global Partners. Kenmare deemed that earlier offer undervalued the company and its future prospects.
IHC holds a market capitalization of approximately $216 billion, ranking it among the world’s largest investment firms. Sheikh Tahnoon bin Zayed al-Nahyan, brother of United Arab Emirates President Sheikh Mohamed bin Zayed al-Nahyan, chairs IHC. The acquisition of Kenmare would support the UAE’s ambitions to strengthen its capabilities in key sectors such as defense, aerospace, and advanced manufacturing, all of which rely on titanium.
Kenmare is a significant global player in the titanium supply chain, operating the Moma Titanium Minerals Mine in Mozambique since 2007. The company is the world’s largest supplier of ilmenite, the primary ore used to produce titanium, responsible for about 6 percent of global supply. It also produces rutile, used in titanium manufacturing as well as in paints and industrial coatings, and zircon, which is used in ceramics.
Despite its prominent market position, Kenmare’s financial performance has recently weakened. In 2025, its mineral product revenue declined by 20 percent year-on-year to $312.1 million. Meanwhile, net profit dropped from $64.9 million in 2024 to an adjusted net loss of $23.7 million. The company suspended its final dividend citing elevated net debt levels and challenging market conditions.