Kenmare Resources Kenmare Resources : Kenmare Operations Update
March 11 2015 - 2:00AM
UK Regulatory
TIDMKMR
Kenmare Resources plc ("Kenmare" or "the Company")
11 March 2015
Kenmare Operations Update
Kenmare Resources (LSE: KMR, ISE: KMR), one of the leading producers of
titanium minerals, which operates the Moma Titanium Minerals Mine (the
"Mine" or "Moma") in northern Mozambique, provides an operational
update.
Recent flooding in Nampula Province in northern Mozambique has resulted
in damage to the power line between the Moma Mine and the city of
Nampula, causing an interruption to the supply of grid power to the
Mine. The power failure occurred when the Meluli River burst its banks,
compromising the overhead line. A temporary repair was recently carried
out in this location following a previous storm and as a result some of
the materials necessary for repair are already at site with additional
supplies to follow. A joint Kenmare and Electricidade de Moçambique
team has been mobilised to begin repairs as the flooding subsides.
In the meantime, the diesel generators have continued to operate and the
Mine has been processing HMC stocks, magnetic and non-magnetic
concentrate stocks, and exporting product. It is expected that the
available power will be used to alternate supply between the Mineral
Separation Plant and Wet Concentrator Plant B in a series of campaigns
until grid power is restored.
The effect of the power outage will be mitigated due to the significant
levels of ilmenite product inventories on hand. The Company has recently
secured additional off-take volumes with a new ilmenite customer for the
product that makes up the bulk of the inventories on hand at Moma.
.
The Company will provide further updates in due course.
For further information, please contact:
Kenmare Resources plc
Michael Carvill, Managing Director
Tel: +353 1 671 0411
Mob: + 353 87 674 0110
Tony McCluskey, Financial Director
Tel: +353 1 671 0411
Mob: + 353 87 674 0346
Jeremy Dibb, Corporate Development and Investor Relations Manager
Tel: +353 1 671 0411
Mob: + 353 87 943 0367
Murray Consultants
Joe Heron
Tel: +353 1 498 0300
Mob: +353 87 690 9735
Buchanan
Bobby Morse / Gordon Poole
Tel: +44 207 466 5000
The Directors of Kenmare accept responsibility for the information
contained in this announcement. To the best of their knowledge and
belief (having taken all reasonable care to ensure that such is the
case), the information contained in this announcement is in accordance
with the facts and does not omit anything likely to affect the import of
such information.
This announcement is not intended to, and does not, constitute or form
part of any offer, invitation or the solicitation of an offer to
purchase, otherwise acquire, subscribe for, sell or otherwise dispose of,
any securities whether pursuant to this announcement or otherwise. The
distribution of this announcement in jurisdictions outside Ireland or
the United Kingdom may be restricted by law and therefore persons into
whose possession this announcement comes should inform themselves about,
and observe, such restrictions. Any failure to comply with the
restrictions may constitute a violation of the securities law of any
such jurisdiction.
A person interested in 1% or more of any class of relevant securities of
Kenmare or Iluka may have disclosure obligations under Rule 8.3 of the
Irish Takeover Rules, effective from 26 June 2014, the date of the
commencement of the offer period for Kenmare under the Irish Takeover
Rules.
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Kenmare Resources via Globenewswire
HUG#1901400
http://www.kenmareresources.com/
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