Kenmare Resources plc ("Kenmare" or "the Company")
6th September, 2011
Technical Completion Achieved
Kenmare is pleased to announce that it has achieved "Technical Completion" at
the Moma Titanium Minerals Mine. Technical Completion is a requirement of the
financing documents, and is achieved by issuing four certificates: Physical
Facilities, Production, Efficiency and Environmental. Â The first three of these
certificates were issued earlier this year and the Environmental Certificate has
now been issued.
The Moma Mine operates subject to applicable environmental standards of the
Government of Mozambique, the World Bank and the African Development Bank. The
Company has developed a set of environmental controls and reporting systems
which have enabled the Moma Mine to monitor and comply with these standards.
The project loans associated with the Moma Mine are guaranteed by Kenmare. This
guarantee terminates when both Technical and Non-Technical Completion are
achieved. The key remaining step to achieve Non-Technical Completion involves
the filling of specified reserve accounts to the required levels, which must
occur by 31 December 2013.
Tony McCluskey, Kenmare's Finance Director, said: "We are delighted to have
passed this major milestone and appreciate our lenders' and shareholders'
support as we put in place all the environmental controls and reporting systems
which enabled us to achieve Technical Completion. Â We can now move on to
achieving Non-Technical Completion, when Kenmare's project loans guarantee is
released."
For further information, please contact:
Kenmare Resources plc.
Tony McCluskey, Financial Director    Michael Carvill, Managing Director
Tel: +353 1 671 0411Â Â Â Â Tel: +353 1 671 0411
Mob: + 353 87 674 0346Â Â Â Â Mob: + 353 87 674 0110
Murray Consultants
Joe Heron
Tel: +353 1 498 0300
Mob: +353 87 690 9735
Tavistock Communications
Jos Simson
Tel: +44 207 920 3150
Mob: +44 78 9987 0450
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Kenmare Resources via Thomson Reuters ONE
[HUG#1544189]
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.