RNS Number:8027I
Kenmare Resources PLC
10 April 2000

PART TWO

In October, it became necessary to place the Ancuabe Graphite Mine on care and
maintenance following the withdrawal of Superior Graphite as distributor and
provider of working capital and due to further declines in graphite prices on
the international market. The Mine is being kept in good order by the
continuing presence on site of our security manager and his staff. The
Government of Mozambique has indicated its interest in helping with reopening
by providing financial assistance and Kenmare has had discussions with
potential industry partners. However, no reopening date has yet been
established. Full provision has been made in the 1999 financial statements for
Kenmare's investment in the graphite project company. 

I am very pleased to take this opportunity to welcome Simon Farrell and Ken
Judge to the Board. They were appointed at our EGM in January and have already
played a very constructive role. They both have many years experience in the
resource industry and have greatly added to the strength and industry
knowledge of the Board. 

Finally, I would like to offer my sympathy to those in Mozambique who are
affected by the calamitous floods which occurred in February/March. It was a
great tragedy to see such devastation. Kenmare was pleased to be able to be of
some help by providing vital food supplies and a large all-wheel-drive truck
from the Moma project for use in aid distribution. This truck was in position
to the north of the flood area where few other facilities were available for
disaster relief.

C. CARVILL
Chairman


For more information:

Michael Carvill
Managing Director 
+353 (0)1 671 0411 or +353 (0)87 674 0110

Jim Milton
Murray Consultants
+353 (0)1 661 4666 or +353 (0)86 255 8400

or:

www.kenmareresources.com



 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31st DECEMBER 1999

                                                        1999           1998
                                                         IR#            IR#
Turnover                                          2,130,633      3,089,900

Cost of Sales                                    (2,351,573)    (2,588,186)
                                               ----------------------------
Gross (Loss)/Profit                                (220,940)       501,714

Other Operating Expenses                         (2,976,072)    (1,868,267)
Other Operating Income                                8,409        202,990
                                               ----------------------------
Operating Loss                                   (3,188,603)    (1,163,563)
       
Interest Receivable                                   2,031         12,585
Interest Payable                                   (113,388)       (98,065) 
                                               ----------------------------
Loss On Ordinary Activities Before Taxation      (3,299,960)    (1,249,043)

Taxation                                                  -              -
                                               ----------------------------
Loss On Ordinary Activities After Taxation       (3,299,960)    (1,249,043)

Opening Balance - Profit and Loss 
Account (deficit)                               (15,773,156)   (14,524,113) 
                                               ----------------------------
Closing Balance - Profit and Loss 
Account (deficit)                               (19,073,116)   (15,773,156) 
                                               ============================
Loss and Fully Diluted Loss per Share                (2.93p)        (1.14p) 
                                               ============================


All amounts dealt with above relate to continuing operations.





END

FRCURAARRARSAAR
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