World Bank Guarantee Approval

Kenmare Resources PLC
22 August 2003

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

                World Bank approves Guarantees for Moma Project



22nd August 2003



Kenmare Resources plc announces that the Multilateral Investment Guarantee
Agency (MIGA), a member of the World Bank Group, has issued guarantees of
US$20.8 million in aggregate to Kenmare and Kreditanstalt fur Wiederaufbau (KfW)
for proposed equity and loan investments in the Moma Titanium Minerals Project
in Mozambique.

KfW, a German development financing institution, is one of a group of lenders
expected to provide the debt financing required for the project.

MIGA promotes foreign direct investment into emerging economies by offering
political risk insurance to investors and lenders.

The guarantees provided are for a period of up to fifteen years and provide
coverage against the risks of Transfer Restriction, Expropriation, War and Civil
Disturbance, and Breach of Contract.





For further information :

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

Murray Consultants                              Tel: + 353 1 498 0339
Tom Byrne

Conduit PR Ltd                                  Tel: + 44 207 936 9095
Leesa Peters

                            www.kenmareresources.com


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