Agreement Signed
January 22 2002 - 11:46AM
UK Regulatory
RNS Number:3597Q
Kenmare Resources PLC
22 January 2002
Kenmare Resources plc ("Kenmare" or "the Company") Announcement
Kenmare Signs Agreement with Government of Mozambique
22nd January 2002
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."
For more information:
Eamonn Keenan
Project Manager
+353 1 6710411 or +353 87 2487400
Tom Byrne
Murray Consultants
+353 1 6633316 or +353 86 8104224
This information is provided by RNS
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