Announcements - 15th March 2002

Kenmare Announces Progress in Funding the Moma Titanium Minerals Project

Kenmare Resources plc is pleased to announce that it has received Expressions of Interest to provide loans totalling US$130 million for the development of the Moma Titanium Minerals Project in Mozambique.

These Expressions have been provided by a group of Development Finance Institutions, which will shortly begin their due diligence processes and commence termsheet negotiations. Kenmare is still awaiting responses from a number of similar institutions, who it would expect to join these processes.

Michael Carvill, Managing Director of Kenmare commented:

"Given that the Mineral Licence Agreement was only signed in January, this positive response from the international lending community represents remarkable progress. Besides being great news in itself, it will lend credibility to the continuing marketing negotiations with potential customers. We look forward to advancing the due diligence process with the institutions."

15th March 2002

For further information:

Tony McCluskey
Financial Director
+353-1-671 0411
+353-87-674 0346