Kenmare reaches agreement on Mozambique mine
ISEQ listed Kenmare Resources announced today that it has reached agreement on a fixed price $220m (€325.5m) development contract to build the Moma Titanium Minerals Mine in Mozambique.
The contract is with a joint venture formed by two companies for the purposes of the project - a contracting group and an international engineering group with specific mineral sands expertise and experience of working in Mozambique.
Kenmare said in a statement to the Irish Stock Exchange that the contract has been sent to the Moma Lender Group of development finance institutions and banks for their approval.
The Lender Group has already approved a summary of the contract. On gaining Lender Group approval of the full contract, it will be presented to the boards of Kenmare and the JV’s parent companies for final approval and signature.
Kenmare’s Chairman, Charles Carvill said: "This contract has been very carefully negotiated by ourselves and the Joint Venture, and is backed up jointly and severally by its respective parent companies. We believe that it will deliver us an excellent project on terms that are attractive to Kenmare, which will allow us deliver returns to our shareholders."
