Agreement Signed

Kenmare Resources PLC
22 January 2002



        Kenmare Resources plc ('Kenmare' or 'the Company') Announcement

             Kenmare Signs Agreement with Government of Mozambique



22nd January 2002



Yesterday Kenmare and the Government of Mozambique signed two key Agreements
which pave the way for the financing of Kenmare's Moma Titanium Minerals
Project.

The Agreements are:


  • A modified Mineral Licensing Agreement which includes enhanced provisions
    to protect lenders to the Project; and

  • An Implementation Agreement governing the operation of an Industrial Free
    Zone which covers the processing and exporting aspects of the Project.



Together these Agreements provide a low tax environment, free access to foreign
exchange and guaranteed stability.

Charles Carvill, Chairman said: 'The signing of these Agreements is a key step
forward for the Moma Project and is the product of strong co-operation between
Kenmare and the Government of Mozambique. We have completed our feasibility
study, final design is well underway. With these Agreements in place we can now
push forward with funding negotiations which we hope to complete later in the
year.'



For more information:

Eamonn Keenan

Project Manager

[phone] or [phone]



Tom Byrne

Murray Consultants

[phone] or [phone]



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