Funding Completed

Kenmare Resources PLC
02 November 2004


               KENMARE RESOURCES PLC ('Kenmare' or 'the Company')


    Kenmare Announces Completion of Equity Financing Raising Stg£53 Million


Further to the announcement made on 28 September, 2004, Kenmare is pleased to
announce that it has completed the arrangements for the equity financing of the
Moma Titanium Minerals Project. The final component of the Supplemental Placing
is now complete.


This placing brings the total funds raised by Kenmare under its Moma Project
Equity Financing to the targeted Stg£53 million. A total of 40,380,576 Ordinary
Shares, with 10,095,144 Warrants attached on the same basis and terms as under
the original Placing and Open Offer, have been agreed to be issued at Stg16p per
share.


Of these Ordinary Shares and Warrants, an amount representing US$10 million
(34,340,659 Ordinary Shares and 8,585,164 Warrants) has been placed with
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. ('FMO'),
which is also a Lender to Kenmare's Moma Project, and the balance have been
subscribed for by other institutional investors. The remaining underwriting
arrangements in respect of the Supplemental Placing referred to in the
announcement of 27 July, 2004 have therefore unwound as scheduled, without
recourse to the underwriters.


As a result of FMO's equity investment, some of its commitments as a
subordinated lender to the Moma Project have been taken up by Emerging Africa
Infrastructure Fund Limited ('EAIF') by way of subparticipation. Furthermore,
the FMO subordinated debt facility (originally €15 million facility) has been
amended to a two-tranche loan facility comprising a fixed-rate Euro tranche of
€7.1 million and a floating-rate US Dollar tranche of US$10 million, which
Dollar tranche will be funded by way of EAIF's subparticipation arrangements
with FMO. In addition, EAIF has agreed to provide senior debt to the Project
under a floating-rate US$5 million facility, for which purposes KfW Bankengruppe
('KfW') has agreed to reduce its commitments in the senior debt package by the
same amount. The costs/fees associated with these arrangements are within the
headroom afforded by the Company's cash resources under its Financing Plan.


Charles Carvill, Kenmare's Chairman said:

'We are delighted to have successfully raised 100% of the targeted equity funds.
With the equity financing now successfully behind us, we can focus on building
the mine and developing further marketing contracts. The market for titanium
minerals is strengthening all the time and we want to start deliveries as soon
as possible.'


About EAIF

EAIF is a multi-donor supported debt fund created to facilitate economic growth
and development through the provision of long-term debt finance to private
sector infrastructure projects in sub-Saharan Africa. EAIF is managed by a
private sector joint venture between Standard Bank Group, FMO and Emerging
Markets Partnership.


Terms defined in the Listing Particulars dated 21 June, 2004 have the same
meaning in this announcement.

For further information:

Kenmare Resources plc.

Michael Carvill

Managing Director

Tel: [phone], Mob. [phone]
Tony McCluskey
Finance Director
Tel: [phone], Mob. [phone]

Murray Consultants
Elizabeth Headon
Tel: [phone]  Mob: [phone]

Conduit PR Ltd
Leesa Peters
Tel: + 44 207 618 8708  Mob: + 44 781 215 9885

www.kenmareresources.com


2 November, 2004

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