Kenmare Resources Navigates Key Concession Renewals Successfully
Kenmare Resources Addresses Media Speculation
Kenmare Resources plc (“Kenmare” or “the Company”) is a leader in the titanium minerals and zircon industry, operating a pivotal mine in Mozambique. Recently, there has been a surge of media coverage regarding the renewal of significant rights and concessions under the Moma Titanium Minerals Mine’s Implementation Agreement.
Current Status of Discussions
Kenmare confirms that discussions with the Government of Mozambique are ongoing, and crucially, the final terms for renewing these rights have yet to be established. It is important to note that the operations at the Moma site have been proceeding without any interruptions, illustrating the resilience of Kenmare’s operational capabilities even amidst negotiations.
Understanding the Implementation Agreement
The Implementation Agreement, initially established in 2002, outlines the framework within which Kenmare conducts its mineral processing and export operations. This agreement grants Kenmare certain rights and concessions for a defined period, originally set to conclude in December 2024, but with potential for a 20-year extension.
Since late 2022, Kenmare has proactively engaged with the Government of Mozambique to navigate the renewal process. Despite the original deadline, assurances from the Ministry of Industry and Commerce affirm that Kenmare’s existing rights remain intact as the extension discussions continue.
Production and Global Reach
Kenmare’s Moma Titanium Minerals Mine plays a crucial role in the global supply of titanium feedstocks, accounting for approximately 6% of the world's production. Operating under the ticker (LSE: KMR, ISE: KMR), Kenmare serves clients in over 15 countries, supplying essential raw materials for everyday items, such as paints, plastics, and ceramic tiles. The Company’s responsibilities extend beyond production, as they remain committed to local communities and sustainable practices within their mining operations.
Continued Commitment to Stakeholders
Kenmare Resources prioritizes transparency and communication with stakeholders, which is reflected in the consistent updates regarding the renewal process of key rights. The Company will keep stakeholders informed as developments unfold. Such diligence not only secures operational stability but also reinforces Kenmare’s position as a responsible player in the mineral resources sector.
For more information, please reach out to:
Kenmare Resources plc
Katharine Sutton
Investor Relations
ir@kenmareresources.com
Tel: +353 1 671 0411
Mob: +353 87 663 0875
Murray (PR advisor)
Paul O’Kane
Email: pokane@murraygroup.ie
Tel: +353 1 498 0300
Mob: +353 86 609 0221
Frequently Asked Questions
What is the significance of the Implementation Agreement?
The Implementation Agreement establishes the framework for Kenmare's mineral processing and export activities, ensuring that they operate under defined rights and concessions.
How does the concession renewal process impact operations?
Renewal discussions are ongoing, but operations have remained unaffected, allowing Kenmare to maintain production while discussions continue.
What is Kenmare's production capacity?
Kenmare's Moma Mine contributes approximately 6% of the global titanium feedstocks, serving a diverse international market.
How does Kenmare ensure sustainable practices?
Kenmare is dedicated to sustainable mining practices, focusing on community engagement and minimizing environmental impact.
Who can I contact for investor relations inquiries?
For investor-related questions, you can contact Katharine Sutton at Kenmare Resources plc via email at ir@kenmareresources.com.
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