Kenmare Signs Sales Contract
July 01 2003 - 3:00AM
UK Regulatory
RNS Number:9781M
Kenmare Resources PLC
01 July 2003
KENMARE RESOURCES PLC
Kenmare Resources plc ("Kenmare" or "the Company")
Kenmare Signs Ilmenite and Rutile Sales Contract
Kenmare Resources plc announces that it has signed a multi-year off-take
contract for the sale of ilmenite and rutile production from its Moma Titanium
Minerals Project in Mozambique. This is the second major ilmenite sale under
contract signed for Moma and brings the total ilmenite sales to well over 50% of
planned ilmenite production. The rutile portion of the contract brings the
rutile sales to 100% of planned rutile production. The specific terms of this
contract are confidential.
Kenmare is a natural resources exploration and mining group listed on the main
markets of the Irish and London Stock Exchanges. Ilmenite and rutile are
titanium dioxide minerals used in the pigment, titanium metal and welding rod
industries. Ilmenite will be the mine's main product, with zircon and rutile
co-products. Kenmare has already signed off-take contracts for a total of 24,000
tonnes of zircon with two major industry consumers. Negotiations are underway
with consumers to enter off-take arrangements covering further zircon
production.
Michael Carvill, Managing Director of Kenmare, said:
"We have secured off-take contracts for a substantial portion of the ilmenite
and zircon production, together with all rutile production at Moma. Kenmare
believes that it has now entered into offtake contracts covering a sufficient
amount of product to satisfy the lenders' proposed marketing requirement for
initial drawdown of debt finance."
For more information :
Kenmare Resources plc
Michael Carvill, Managing Director Tel: + 353 1 671 0411
Mob: + 353 87 674 0110
Tony McCluskey, Financial Director Tel: + 353 1 671 0411
Mob: + 353 87 674 0346
Binns & Co PR Ltd
Paul McManus Tel: + 44 20 7786 9600
Mob: + 44 7980 541 893
Murray Consultants
Tom Byrne Tel: + 353 1 498 0339
www.kenmareresources.com
1st July 2003
This information is provided by RNS
The company news service from the London Stock Exchange
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