Kenmare Resources : Unofficial Industrial Actio...

Kenmare Resources plc ("Kenmare" or "the Company")

24 June 2015

Unofficial Industrial Action at Moma Mine

Kenmare Resources (LSE: KMR, ISE: KMR) announces that unofficial industrial action has commenced at its Moma Titanium Minerals Mine ("the Mine") in Mozambique. A group of employees has initiated this unofficial industrial action and operations have been impacted, with production temporarily suspended at the Mine.

By way of background, Kenmare initiated a process for retrenchment during the first quarter of this year. After tripartite discussions with the Ministry of Labour, the union and management, an agreement was reached for reductions in shift allowances, a change in work patterns and retrenchment of 162 people, representing a significant reduction in the workforce retrenched as compared to an originally proposed retrenchment of 350 people. The reductions in shift allowances are being implemented on a graduated basis through the course of 2015, with a portion to be effected in June. 

Moma management, employee representatives and officials from the Ministry of Labour are working towards a swift resolution of this unofficial industrial action. The Ministry of Mineral Resources and Energy has also been informed.

Kenmare will provide further updates as the situation develops.

For further information, please contact:

Kenmare Resources plc
Michael Carvill, Managing Director 
Tel: [phone] 
Mob: + 353 87 674 0110 
  
Tony McCluskey, Financial Director 
Tel: [phone] 
Mob: + 353 87 674 0346 
  
Jeremy Dibb, Corporate Development and Investor Relations Manager 
Tel: [phone] 
Mob: + 353 87 943 0367 
  
Murray Consultants                                                                    
Joe Heron
Tel: [phone] 
Mob: [phone]
  
Buchanan
Bobby Morse / Gordon Poole 
Tel: [phone] 
  
The Directors of Kenmare accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. 
  
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise. The distribution of this announcement in jurisdictions outside Ireland or the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction. 
  
A person interested in 1% or more of any class of relevant securities of Kenmare or Iluka may have disclosure obligations under Rule 8.3 of the Irish Takeover Rules, effective from 26 June 2014, the date of the commencement of the offer period for Kenmare under the Irish Takeover Rules.

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Source: Kenmare Resources via Globenewswire

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