Re Contract

Kenmare Resources PLC
29 May 2002



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



                Kenmare Signs Sales Contract With Major Consumer

Kenmare Resources plc is pleased to announce that it has signed an agreement to
sell ilmenite (a titanium dioxide mineral) to a major consumer. This agreement
covers a substantial proportion of the ilmenite to be produced at Kenmare's Moma
Titanium Minerals Project. Ilmenite will be the principal product from the mine.
Kenmare's customer is one of the world's largest consumers of ilmenite.

Michael Carvill, Kenmare's MD said:


        This agreement has been carefully negotiated to provide the flexibility
        we both need in a long term relationship while also providing lenders
        with the security they require to allow them to lend to the project. We
        see it forming the cornerstone of our evolving off-take arrangements.

        Kenmare is happy with the commercial terms and feels that it positions
        us well for financing.

The Moma Titanium Minerals Project is located in northern Mozambique. It is a
world class deposit of titanium minerals and will produce circa 600,000 tonnes
of ilmenite per annum. 25,000 tonnes of Zircon and 12,000 tonnes of Rutile will
be produced as co-products. Given finalisation of funding by the end of this
year, the mine will be commissioned in late 2004 with first production early
2005.

Kenmare is working with its financial advisor, N M Rothschild and Sons Limited,
to secure the

debt funding necessary for project development. A critical element of achieving
this debt funding is the securing of sales contracts such as the one announced
today. Other contracts are under negotiation.

The specific terms of the contract are confidential.

For information call:

Michael Carvill

Kenmare Resources plc

Tel: [phone] or Mob: [phone]

Tom Byrne

Murray Consultants

Tel: [phone]

Tim Blackstone

Blackstone Business Communications

Tel: + 44 20 7251 2527



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