Offtake Contract

Kenmare Resources PLC
01 November 2002


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

            Kenmare Signs Zircon Sales Contract With Major Consumer

Kenmare, a natural resources exploration and mining group, announces that it has
signed its second off-take contract, an agreement to sell zircon from its Moma
Titanium Minerals Project in Mozambique.

The contract, the specific terms of which are confidential, is with one of the
world's largest zircon consumers and will cover a significant proportion of the
zircon to be produced at Moma. Zircon will be the largest co-product of the
mine, accounting for around one eighth of estimated total project revenues; the
principal product being ilmenite, a titanium dioxide mineral. The first
production from the Moma Titanium Minerals Project is expected in early 2005.

This contract follows a major ilmenite contract signed in May 2002 and brings
the project a step closer to satisfying the prospective lenders' financing
requirements.

Kenmare is working with its financial advisor, N.M Rothschild & Sons Ltd, to
secure the necessary debt funding for project development. The lender group
visited the site in September and have agreed to move into document phase
following the recent completion of their due diligence. A pre-condition of the
loan agreement is the securing of sales contracts covering a proportion of the
mine's output. Other contracts remain under negotiation.

Michael Carvill, Managing Director of Kenmare, said:

'We have now signed contracts for the sale of both zircon and ilmenite with
customers of high standing in the industry. This represents significant progress
in securing the necessary finance required for the development of the mine. We
are continuing to negotiate further sales contracts and are pleased with the
progress being made with our prospective lenders.'


For more information :

Kenmare Resources plc
Michael Carvill, Managing Director
Tel: + 353 1 671 0411
Mob: + 353 87 674 0110

Binns & Co PR Ltd
Paul McManus
Tel: + 44 20 7786 9600
Mob: + 44 7980 541 893

Judith Parry
Tel: + 44 113 242 1171

Murray Consultants
Tom Byrne
Tel: + 353 1 498 0339


www.kenmareresources.com


1 November, 2002


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