Award

Kenmare Resources PLC
10 March 2005

                             KENMARE RESOURCES PLC


       Kenmare Resources wins second international Deal of the Year award


Thursday, 10 March 2005. Kenmare Resources' work in developing its US$450
million Moma Titanium Minerals project in Mozambique has won a Deal of the Year
2004 Award at the Project Finance magazine awards announced in London last
night. This is the second international award Kenmare has won in recent months,
and follows the Mine Finance Award for 2004 from the Mining Journal.


Awarded the African Mining Deal of the Year, Kenmare's investment represents the
biggest structured finance package ever put together for a development by a
non-major mining company. The deal comprised a US$269 million loan agreement
accompanied by the raising of US$97 million in equity. Kenmare's Moma financing
received the award because of the highly complex nature of the deal. This
complexity was created by: the number of lenders, the involvement of export
credit agencies, the location of the project in Mozambique, the fact that
titanium minerals aren't a hedged commodity and hence market risk cannot be
hedged, and finally, Kenmare's size related to the size of the transaction.


Speaking at the Awards Kenmare Resources Managing Director Michael Carvill said
'We are really pleased that this project has been recognised by the broader
project finance community. The financing and loan agreements put in place in
mid-2004 represented the culmination of years of work. Working on a non-traded
commodity like Titanium Minerals made it particularly challenging as banks
cannot hedge risk by selling forward. We were particularly pleased with our
equity raising which was effectively 1:1 given that our market cap at the time
was in the region of US$100 million'. Kenmare worked with NM Rothschild on this
deal and were nominated for the award by their international lenders, KfW,
African Development Bank, FMO, Absa, the European Investment Bank and Emerging
African Infrastructure Fund.


Kenmare began construction of the Moma mine in October 2004 and is on track to
begin production in late 2006. It is expected that the mine will produce more
than 650,000 tonnes of Titanium Minerals annually. Sales contracts for more than
57% of the first five years of planned output have already been signed.


Project Finance is an international monthly magazine providing news and analysis
on project and infrastructure finance for sectors including telecoms, power,
oil, gas, rail, property, PPPs and mining.


For further information:


Kenmare Resources

Michael Carvill, Managing Director

Tel: [phone]

Mob: [phone]


Murray Consultants

Elizabeth Headon

Tel: [phone]

Mob: [phone]


Conduit PR Ltd

Leesa Peters/Amanda Harris

Tel:[phone]

Mob: [phone]




10 March, 2005


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