Kenmare Resources suitor slips into the red with €56m loss

The takeover of Irish mining firm Kenmare Resources by Australian suitor Iluka seems still to be in the very early stages, based on comments from the latter’s managing director. 

Perth-based Iluka approached Kenmare with a revised non-binding takeover proposal last month, after being initially rebuffed last year. It owns the Moma titanium mine in Mozambique.

The latest approach doesn’t represent a firm bid but would value a deal at about €265m. While Kenmare recently expressed openness to the proposal, that doesn’t mean it is recommending a deal to its shareholders. However, the Irish firm’s board has said it is in its shareholders’ interests for the company to continue engaging with Iluka.