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19 Dec 2024 07:00
Update on Implementation AgreementKenmare Resources plc(“Kenmare” or “the Company” or “the Group”)
19 December 2024
Update on Implementation Agreement
Kenmare Resources plc (LSE:KMR, ISE:KMR), one of the leading global producers of titanium minerals and zircon, which operates the Moma Titanium Minerals Mine (the "Mine" or "Moma") in northern Mozambique, provides an update on the renewal of Moma’s Implementation Agreement (“IA”).
The IA governs the terms under which Kenmare conducts its mineral processing and export activities. Mining operations at Moma are conducted under a separate regulatory framework, which is not impacted in any way by the IA process. The IA granted certain rights and benefits for a period of 20 years to 21 December 2024, subject to extension upon request.
Kenmare has been engaging constructively with the Government of Mozambique regarding the extension and, in connection with the extension, has agreed in principle to certain modifications to the applicable investment regime. However, the timetable for the extension is now likely to extend beyond 21 December 2024.
In the meanwhile, the Agency for the Promotion of Investment and Exports, a unit of the Ministry of Industry and Commerce, has indicated that the Company’s existing rights and benefits remain in full force and effect pending conclusion of the process and that Kenmare can continue to process minerals and export final products in the same manner as it currently does.
Further updates will be provided in due course.
Statement from Tom Hickey, Managing Director:
“Kenmare has had a presence in Mozambique for almost 40 years and the Moma Mine has been in production for 17 years. We are pleased that the Government has provided confirmation of our ability to continue to operate under our existing terms during this interim period and that the process can be concluded in an orderly manner. Kenmare has always taken a long-term view on our operations and relationships in Mozambique and is very proud of the meaningful contribution we have made to our host country.”
This announcement contains inside information as defined in article 7(1) of the Market Abuse Regulation.
For further information, please contact:
Kenmare Resources plcJeremy Dibb / Katharine SuttonInvestor Relationsir@kenmareresources.comTel: +353 1 671 0411Mob: + 353 87 943 0367 / + 353 87 663 0875
Murray (PR advisor)Paul O’Kanepokane@murraygroup.ieTel: +353 1 498 0300Mob: +353 86 609 0221
About Kenmare Resources
Kenmare Resources plc is one of the world's largest producers of mineral sands products. Listed on the London Stock Exchange and the Euronext Dublin, Kenmare operates the Moma Titanium Minerals Mine in Mozambique. Moma's production accounts for approximately 7% of global titanium feedstocks and the Company supplies to customers operating in more than 15 countries. Kenmare produces raw materials that are ultimately consumed in everyday quality-of life items such as paints, plastics and ceramic tiles.
All monetary amounts refer to United States dollars unless otherwise indicated.
Forward Looking Statements
This announcement contains some forward-looking statements that represent Kenmare's expectations for its business, based on current expectations about future events, which by their nature involve risks and uncertainties. Kenmare believes that its expectations and assumptions with respect to these forward-looking statements are reasonable. However, because they involve risk and uncertainty, which are in some cases beyond Kenmare's control, actual results or performance may differ materially from those expressed or implied by such forward-looking information.
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