Announcements - 22nd May 2003

Kenmare Receives Initial Loan Approvals for Moma Project

Kenmare Resources plc, the natural resources exploration and mining group, announces that it has received notification of Board level loan approvals for Euro 55 million from the European Investment Bank and US$40 million from the African Development Bank for the Moma Titanium Minerals Project in Mozambique.

These loan approvals, which represent a substantial component of the Moma debt funding requirement, are subject to completion of full loan documentation and certain outstanding conditions. The other members of the Moma Project Lender Group are advancing their internal loan approval processes.

The European Investment Bank, which is the long term financing institution of the European Union, has a mandate to finance investment projects in the African, Caribbean and Pacific states. The Moma Project loan approval is issued under the Cotonou Agreement, which was signed in June 2000.

The African Development Bank, is a leading financial development institution in Africa, with a mandate to mobilise resources towards the economic and social progress of its Regional Member Countries.

Michael Carvill, Managing Director, said:

"Kenmare is very pleased that these major lending institutions have achieved Board level approval of their Moma loans. We will continue to progress the remaining marketing and contractor negotiations and look forward to the other members of the lender group getting their loan approvals."

For further information:

Tony McCluskey
Financial 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