Technical Completion Achieved
September 06 2011 - 1:00AM
UK Regulatory
TIDMKMR
Kenmare Resources plc ("Kenmare" or "the Company")
6th September, 2011
Technical Completion Achieved
Kenmare is pleased to announce that it has achieved "Technical Completion" at
the Moma Titanium Minerals Mine. Technical Completion is a requirement of the
financing documents, and is achieved by issuing four certificates: Physical
Facilities, Production, Efficiency and Environmental. The first three of these
certificates were issued earlier this year and the Environmental Certificate has
now been issued.
The Moma Mine operates subject to applicable environmental standards of the
Government of Mozambique, the World Bank and the African Development Bank. The
Company has developed a set of environmental controls and reporting systems
which have enabled the Moma Mine to monitor and comply with these standards.
The project loans associated with the Moma Mine are guaranteed by Kenmare. This
guarantee terminates when both Technical and Non-Technical Completion are
achieved. The key remaining step to achieve Non-Technical Completion involves
the filling of specified reserve accounts to the required levels, which must
occur by 31 December 2013.
Tony McCluskey, Kenmare's Finance Director, said: "We are delighted to have
passed this major milestone and appreciate our lenders' and shareholders'
support as we put in place all the environmental controls and reporting systems
which enabled us to achieve Technical Completion. We can now move on to
achieving Non-Technical Completion, when Kenmare's project loans guarantee is
released."
For further information, please contact:
Kenmare Resources plc.
Tony McCluskey, Financial Director Michael Carvill, Managing Director
Tel: +353 1 671 0411 Tel: +353 1 671 0411
Mob: + 353 87 674 0346 Mob: + 353 87 674 0110
Murray Consultants
Joe Heron
Tel: +353 1 498 0300
Mob: +353 87 690 9735
Tavistock Communications
Jos Simson
Tel: +44 207 920 3150
Mob: +44 78 9987 0450
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Kenmare Resources via Thomson Reuters ONE
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