World Bank Guarantee Approval
August 22 2003 - 10:31AM
UK Regulatory
RNS Number:9804O
Kenmare Resources PLC
22 August 2003
Kenmare Resources plc ("Kenmare" or "the Company") Announcement
World Bank approves Guarantees for Moma Project
22nd August 2003
Kenmare Resources plc announces that the Multilateral Investment Guarantee
Agency (MIGA), a member of the World Bank Group, has issued guarantees of
US$20.8 million in aggregate to Kenmare and Kreditanstalt fur Wiederaufbau (KfW)
for proposed equity and loan investments in the Moma Titanium Minerals Project
in Mozambique.
KfW, a German development financing institution, is one of a group of lenders
expected to provide the debt financing required for the project.
MIGA promotes foreign direct investment into emerging economies by offering
political risk insurance to investors and lenders.
The guarantees provided are for a period of up to fifteen years and provide
coverage against the risks of Transfer Restriction, Expropriation, War and Civil
Disturbance, and Breach of Contract.
For further information :
Kenmare Resources plc Tel: + 353 1 671 0411
Michael Carvill, Managing Director Mob: + 353 87 674 0110
Murray Consultants Tel: + 353 1 498 0339
Tom Byrne
Conduit PR Ltd Tel: + 44 207 936 9095
Leesa Peters
www.kenmareresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
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