Abu Dhabi-based International Resources Holdings (IRH) is weighing a takeover of London-listed Kenmare Resources, a move that could put one of Mozambique’s major titanium-minerals operations under the control of the United Arab Emirates-based mining investor.

Kenmare said it received a nonbinding proposal from IRH for a possible cash offer for all of its issued and to-be-issued shares. The value of the proposed transaction has not been disclosed, but the approach immediately sent Kenmare’s stock sharply higher in London.

Shares climbed 41% to 255.5 pence on Oct. 6, from 181.4 pence at the previous market close, as investors reacted to the prospect of a potential takeover.

IRH expands African mining reach

The approach would give IRH exposure to Kenmare’s Moma titanium-minerals mine in Mozambique, one of the company’s key assets and a major producer of ilmenite, zircon and rutile.

Moma produced 842,300 tonnes of ilmenite, 50,000 tonnes of zircon and 8,600 tonnes of rutile in 2025. Ilmenite and rutile are primarily used to produce titanium dioxide pigment, while titanium feedstocks also serve the titanium-metal and welding-electrode industries.

For IRH, the potential acquisition would add another African minerals asset to a portfolio already focused on commodities considered important to the global transition toward lower-carbon economies.

IRH holds a 51% stake in Zambia’s Mopani Copper Mines and invests across copper, cobalt, nickel, lithium and iron ore.

Kenmare deal faces key deadline

The proposal remains preliminary. Kenmare said discussions with IRH are continuing and warned shareholders that there is no certainty that a firm offer will emerge or that any eventual offer will proceed on the terms currently being discussed.

Under the Irish Takeover Rules, IRH has until Nov. 17 to announce a firm intention to make an offer for Kenmare.

That deadline puts the potential transaction at an important stage for both companies. A formal bid would need to establish the value IRH places on Kenmare’s Mozambique operation and its broader portfolio, while shareholders will be watching whether the eventual offer represents a substantial premium to the company’s pre-announcement valuation.

For Mozambique, the potential deal highlights the continued interest in the country’s mineral resources from international investors, while for IRH, Kenmare could broaden its African mining exposure beyond copper and into titanium-related minerals.

Kenmare owns and operates the Moma mine, which supplies mineral products to global markets. The company is listed in London, making the potential transaction subject to the UK market’s scrutiny as IRH weighs whether to proceed with a formal cash offer.