Announcements - 22rd January 2002

Kenmare Signs Two Key Agreements with Government of Mozambique

Yesterday Kenmare and the Government of Mozambique signed two key Agreements which pave the way for the financing of Kenmare's Moma Titanium Minerals Project.

The Agreements are:

A modified Mineral Licensing Agreement which includes enhanced provisions to protect lenders to the Project and ;
An Implementation Agreement governing the operation of an Industrial Free Zone which covers the processing and exporting aspects of the Project.

Together these Agreements provide a low tax environment, free access to foreign exchange and guaranteed stability.

Charles Carvill, Chairman said

"The signing of these Agreements is a key step forward for the Moma Project and is the product of strong co-operation between Kenmare and the Government of Mozambique. We have completed our feasibility study, final design is well underway. With these Agreements in place we can now push forward with funding negotiations which we hope to complete later in the year."

22 January 2002

For further information:

Eamonn Keenan
Project Manager
+353-1-671 0411
+353-87-248 7400