Announcements - 10th February 2003

Kenmare Signs Development Contract for Phase One of the Moma Titanium Minerals Project

Kenmare has signed an agreement with Fluor Daniel S.A. (Pty) Ltd ("Fluor") covering phase one of the Moma Titanium Minerals Project. Fluor is a subsidiary of Fluor Corporation, one of the world's largest engineering contractors. This agreement covers a definition phase prior to the award of a full fixed price development contract for the building, commissioning and transfer of facilities at Moma. The definition phase will end on 31st March and it is anticipated that a turnkey agreement will be signed shortly thereafter.

Fluor's proposal was one of a number of proposals submitted to Kenmare following an Invitation to Bid which was issued in September. Fluor's submission was judged to be the most appropriate both in terms of technical merit and cost. It was decided that there were advantages to moving swiftly into a definition phase whilst the main points of a full development contract are being agreed.

A Kenmare operations team has already been transferred into Fluor's Johannesburg office and is working closely with Fluor's project personnel.

10 February 2003

For further information:

Michael Carvill
Managing Director
+353-1-671 0411
+353-87-674 0110

Murray Consultants
Tom Byrne
+353-1-498 0339

Binns & Co PR Ltd
Paul McManus
+44-207-7869600
+44-7980-541893

Judith Parry
+44-113-2421171