Initial Loan Approvals

Kenmare Resources PLC
22 May 2003


               KENMARE RESOURCES PLC ('KENMARE' OR 'THE COMPANY')

            Kenmare Receives Initial Loan Approvals for Moma Project



Kenmare Resources plc, the natural resources exploration and mining group,
announces that it has received notification of Board level loan approvals for
Euro 55 million from the European Investment Bank and US$40 million from the
African Development Bank for the Moma Titanium Minerals Project in Mozambique.


These loan approvals, which represent a substantial component of the Moma debt
funding requirement, are subject to completion of full loan documentation and
certain outstanding conditions. The other members of the Moma Project Lender
Group are advancing their internal loan approval processes.


The European Investment Bank, which is the long term financing institution of
the European Union, has a mandate to finance investment projects in the African,
Caribbean and Pacific states. The Moma Project loan approval is issued under the
Cotonou Agreement, which was signed in June 2000.


The African Development Bank, based in Tunisia, is a leading financial
development institution in Africa, with a mandate to mobilise resources towards
the economic and social progress of its Regional Member Countries.


Michael Carvill, Managing Director, said: 'Kenmare is very pleased that these
major lending institutions have achieved Board level approval of their Moma
loans. We will continue to progress the remaining marketing and contractor
negotiations and look forward to the other members of the lender group getting
their loan approvals.'


22 May 2003




For further information :

Kenmare Resources plc.                           Tel:+ 353 1 671 0411
Tony McCluskey, Financial Director               Mob: + 353 87 674 0346

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

Judith Parry                                     Tel:+ 44 113 242 1171

Murray Consultants                               Tel: + 353 1 498 0339
Tom Byrne


                            www.kenmareresources.com


                      This information is provided by RNS
            The company news service from the London Stock Exchange   D

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