News

March 08, 2010

Kenmare Raises £180 Million At A Heavy Discount For Expansion At The Moma Titanium Project In Mozambique

By Alastair Ford

The markets knocked around 40 per cent off the value of Kenmare's share price at the end of last week, and not without reason. The discount on the company's latest fundraising was on the severe side - yep, you guessed it, of the order of 40 per cent.

Previously, as a steady-as-she-goes February rolled into an optimistic March, it had looked as though Kenmare’s share price had found a comfortable level at around 23p. At that price the company was trading at almost three times the 8p level it was at this time last year, albeit down from the highs of over 28p reached as the most bullish news from the ramp up at the company’s Moma titanium project came in during autumn of last year.

Christmas came and went, and for a project that had been...