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[October 2008]
Kenmare Interim Management Statement
Kenmare Resources said that it had been progressing the production ramp-up of its Moma Titanium Minerals Mine in Mozambique. In September, dredging of in-situ ore increased by 32% from August and by 7% from the previous best month of June. 50,000 tonnes of Heavy Mineral Concentrate (HMC) was produced by the Wet Concentrator Plant in September, up from 33,500 tonnes in August and a previous best month of 43,500 in June.
Ilmenite production in September was 31,000 tonnes and was constrained by HMC availability. This is equivalent to the previous best month, June. However, June’s production of ilmenite included a greater use of HMC stockpile.
September’s production of HMC and ilmenite was affected by a fault in the country’s electricity transmission system at the end of the month which cost the project 62 hours of production. The equipment in question, a static variable controller, has now been repaired. One ilmenite shipment of 11,000 tonnes was made in September and a further shipment of 10,000 tonnes took place in early October.
The company raised US$30 million of new equity in a placing on 29 August 2008. The proceeds will be used to continue ramping up production at Moma, for pursuing the feasibility study of a capacity expansion and for general corporate purposes.
www.kenmareresources.com
ENDS