Announcements - 16th February 2001

Kenmare Placing Raises Stg£ 3.4 million

Kenmare is pleased to announce that it has completed a placing of 17,229,000 new Ordinary Shares of nominal value IR5p each at a price of Stg20p per share. The funds raised from this placing amount to Stg£ 3,445,800 million. These funds will be used principally for the advancement of the Kenmare Moma Titanium Project, part payment for the Titanium Minerals Plants purchased from BHP last year and for ongoing operations.

Charles Carvill, Chairman of Kenmare, commented:

This placing, which is with institutional shareholders, represents another step in bringing our Moma Titanium Project closer to production. We are now nearing completion of the Moma Definitive Feasibility Study, following which the Company intends to pursue its marketing and debt financing negotiations."

16 February 2001

For more information:

Michael Carvill
Managing Director
+353-1-671 0411 or +353-87-6740110

Tony McCluskey
Financial Director
+353-1-671 0411 or +353-87-6740346