RSS UpdatesCompany Information for Kenmare Resources Plc
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 LSE; KMR
View full financial data | IEX; Sedol:0487948
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Company Statement
Kenmare’s (LSE:KMR, ISE:Kenmare Resources) principal asset is the wholly owned Moma Titanium Minerals Mine, located on the Northern coast of Mozambique in East Africa. The Company has been operating in Mozambique for over 20 years.
Moma is a new mine containing considerable reserves of the titanium minerals, ilmenite and rutile. The Moma mine also has large quantities of zircon, a high value co-product of titanium minerals mining.
Kenmare Resources commenced production in 2007 and expects to reach full production by Q4 2009. At full production, Kenmare will produce 800,000 tpa ilmenite, 47,000 tpa zircon and 18,000 tpa rutile.
Titanium minerals
Ilmenite and rutile are mainly used in the manufacture of titanium dioxide pigment which is used in paints, paper and plastic production. The primary applications for zircon, a high value co-product of titanium minerals mining, is in the manufacture of opacifiers for ceramic tile production and in refractory products used in the steel and foundry industries.
Current Operations
The Moma Titanium Minerals Mine is located on the coast of northern Mozambique and at full production, Moma will produce about 7% of the world’s supply of titanium dioxide. The mine has a 6.3 billion tonne resource containing approximately 175 million tonnes of ilmenite, 12.6 million tonnes of zircon and 4.1 million tonnes of rutile, which can be significantly expanded with additional exploration activity.
These minerals are mined using dredges and concentrated in a floating wet concentrator plant (WCP), which pumps the heavy mineral concentrate (HMC) produced to a nearby minerals separation plant (MSP) where it is separated into final products for export via Kenmare’s product trans-shipment vessel, Bronagh J. This vessel is self-propelled, self discharging and capable of carrying mineral from the jetty to the transhipment point, where product is loaded on to the customer’s vessel. The ability to mine and export directly from the Moma site using a dedicated shipping terminal places Kenmare toward the bottom of the production cost curve.
Revenues are expected to exceed US$120m per annum and brokers Cannacord forecast estimated sales for 2009 of US$95million. In excess of sixty percent of the planned first 5 year production has already been sold in off-take agreements; 25% of this at fixed volume and prices and 75% not yet committed on price and thus there is a significant upside to sell at higher prices.
At full production, the mine's operating cost are expected to put the project be in the lowest cost quartile of titanium feedstock producers. The resource base, one of the largest in the world, will also support successive expansions of capacity and there is significant opportunity to considerably expand the resource beyond its current mine life.
Geographical Spread
Mozambique - Moma Titanium Project and Mozambique - Ancuabe graphite mine
Board of Directors and Key Management
| Charles Carvill | (Chairman) |
| Michael Carvill | (Managing Director) |
| Tony McCluskey | (Financial Director) |
| Alastair Brown | (Exploration Director) |
| Tony Lowrie | (Non exec Director) |
| Ian Egan | (Non exec Director) |
| Simon Farrell | (Non exec Director) |
| Terence Fitzpatrick | (Non exec Director) |
| Peter McAleer | (Non exec Director) |
| Jacob Deysel | (COO) |
| Eamonn Keenan | (Marketing Manager) |
| Deirdre Corcoran | (Financial Controller & Company Secretary) |
Company AddressChatham House
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Additional Address/Key ContactContacts |
Capital743,790,079 Ordinary Shares in issue |
Annual General MeetingMay, Dublin | Year End31 December |
Nominated BrokersDavy Stockbrokers, | Nominated AdvisorsMirabaud Securities Limited |
Major Shareholders
| No. of Ordinary Shares | % of Issued Share Capital | |
| Nortrust Nominees Limited | 130,625,480 | 16.42% |
| State Street Nominees Limited | 51,336,000 | 6.45% |
| HSBC Global Custody Nominee (UK) Limited | 39,212,500 | 4.93% |
| Nederlandse Financierings - FMO | 37,433,541 | 4.71% |
Related News
08/03/10 - Kenmare Raises £180 Million At A Heavy Discount For Expansion At The Moma Titanium Project In Mozambique04/08/09 - Kenmare Resources Has Got Through The Teething Troubles At Moma And Is Now Ramping Up To Full Production
07/04/09 - So Busy We Can’t Schedule Any More Ships In: Kenmare’s Ilmenite Project In Mozambique Gets Back On Track
30/10/08 - Kenmare Resources Is Now Dredging For Titanium Minerals In Calmer Waters
13/03/08 - Not Quite Ready For St Patrick’s: Kenmare’s Michael Carvill Will Have To Wait Before He Can Sit Down And Enjoy A Pint Of The Black Stuff
Most Recent Statement
05/03/10 - Capital Raising26/01/10 - Doc re. Moma Update
11/01/10 - Doc re. Kenmare Warrants Exercised
11/12/09 - Total voting rights
18/11/09 - Interim Management Statement
28/09/09 - Mining company Kenmare Resources plc wins Best International CSR Programme