Moma Development Contract

Kenmare Resources PLC
18 March 2004



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



                      Kenmare Agrees Development Contract

                       for Moma Titanium Minerals Project





Kenmare Resources plc is pleased to announce today that it has reached agreement
on a Fixed Price Development Contract to build the Moma Titanium Minerals Mine
in Mozambique. The contract is with a Joint Venture (JV) formed by two companies
for the purposes of the project. One is a large contracting group with
operations stretching around the globe which specialises in large complex
construction projects. The other is an international engineering group with
specific mineral sands expertise and experience of working in Mozambique. These
best in class companies are bringing their expertise together to deliver the
project for Kenmare under the agreed terms.

The contract in its agreed form has been sent to the Moma Lender Group of
development finance institutions and banks for their approval. The Lender Group
has already approved a summary of the contract. On gaining Lender Group approval
of the full contract, it will be presented to the boards of Kenmare and the JV's
parent companies for final approval and signature.

The contract is established on a base price of US$220 million with provisions
for cost overruns up to US$240 million, at which point it becomes totally fixed.
Between US$220 and US$240 million the JV shoulders a progressively greater
proportion of the costs. Hence, there is a great incentive for it to ensure
overruns above US$220 million are minimal.

Kenmare's Chairman, Charles Carvill, said, 'This contract has been very
carefully negotiated by ourselves and the Joint Venture, and is backed up
jointly and severally by its respective parent companies. We believe that it
will deliver us an excellent project on terms that are attractive to Kenmare,
which will allow us deliver returns to our shareholders.'



Ends.


Kenmare Resources plc

Michael Carvill, Managing Director

Tel: + 353 1 671 0411

Mob: + 353 87 674 0110

Conduit PR Ltd

Leesa Peters



Tel: [phone]

Murray Consultants

Tom Byrne



Tel: + 353 1 498 0339

                            www.kenmareresources.com





Thursday 18th March, 2004


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