From the FT on the 19th June

http://search.ft.com/search/article.html?id=040619001094&query=kenmare&vsc_appId=totalSearch&state=Form

COMPANIES UK & IRELAND: Kenmare negotiates $269m loan
By John Murray Brown
Financial Times; Jun 19, 2004



One of the largest debt financings for an independent mining company was announced yesterday when Kenmare Resources agreed a $269m (146.5m) facility to develop the Moma titanium mine in Mozambique.

Drawdown of the debt is contingent on the Irish company raising equity of $79m, lifting the value of the project to $345m.

The company already has commitments of $55m from a number of large investment funds.

Documents will be posted to shareholders on Monday for an open offer to raise up to $42m.

A banker at NM Rothschild, lead advisers on the financing, said the debt package represented three times Kenmare's market capitalisation of $90m.

"I do not think there have been any listed mining companies who have done that," he said.

Among the lenders, the African Development Bank is lending $40m and the European Investment Bank $15m in senior debt and a $40m subordinated loan, reflecting the vital economic benefits to what is the poorest region of one of Africa's poorest countries.

Martin Curwen, of the EIB, said this was the first deal signed under the 2000 Cotonou agreement between the EU and African, Caribbean and Pacific countries.

He said EIB's presence would "provide comfort" to other lenders. "It is part of our mandate to support projects where the funding would not have been available from the financial markets," he said at yesterday's signing ceremony, attended by Castigo Langa, Mozambique's minister of mineral resources and energy.

KFW, the German development finance institution, is providing $50m, partly tied to the supply of electrical equipment by Siemens.

The Dutch development agency FMO is lending $15m. The only commercial bank involved is ABSA, the South African bank, which is lending $80m to support the purchase of South African goods and services by the mine.

The mine is expected to be in production in the second half of 2006, with annual output of 600,000 tonnes of ilmenite and other titanium minerals that supplies white pigment used in paint and toothpaste.

The company has already raised 4m to purchase a mineral separation plant in Western Australia, which is being dismantled and shipped to the site.

At full production, the mine will account for about 5 per cent of world supply. About two-thirds of world production is controlled by RTZ and Iluka, an Australian company spun out of the old Rennison Goldfields.

FT Comment

* There have been similar financings in the minerals sector but never where the borrowing is three times the borrower's market valuation. The Lihir gold project in Papua New Guinea raised $300m in 1995 but lenders had the comfort that Rio Tinto Zinc owned about 40 per cent of the company. Kenmare's project is 100 per cent-owned by Kenmare, a company that has no cash flow and would have reported a small loss of $40,000 last year but for interest on its bank deposits. This project clearly could transform its fortunes. There are offtake agreements in place for more than half the first five years' production with Dupont and Mitsui. Prices for mineral sands tend to be more stable than base metals, which behave more like a commodity dependent on capital goods demand. The current market cap is little more than the value of a year's production from the mine. An upgrade seems inevitable. Canaccord, the company's broker, has a current price target of 35p. This compares with a close of 17p, down 2p yesterday.


Copyright The Financial Times Ltd

Could well see a steady appreciation in the SP, now that the results statement confirm things are on track.Be interesting to see where is the next short term peak.

It's all very well slagging me off just because I don't agree with you -I can take that, no problem -what I find particularly galling and not a little hard to digest is the head-in-the-sand way that you alienate yourself from reality regarding KMR.
Here's the trading statistics for the past 4 weeks (I could go back further, but let's keep things recent):
Buys: 2,322,455
Sells: 7,283,818 (please note, more than 3 times as much selling as buying!!!)
Buy trades: 218
Sell trades: 403

Company results came out last week and just what people thought of that can be seen reflected in the first day of trading since then (yesterday) when the following response came in the form of:
Buys: 62,146
Sells: 878,516 (please note, more than 14 times as much selling as buying!!!)
Buy trades: 12
Sell trades: 35

No doubt you will now slag me off again for telling the truth, but the truth it will remain whatever you do.

More selling yesterday and todays stats tell the same story. A must sell!

trash pro

don't respond to pro - squelch him. He is the other half of the idiot team.

He has about 30 names, the saddest individual ever, just read the axm thread.

We are giving up on this share.
There were 95,445 shares bought on friday. Not many considering they only cost 24 pence each.
However, a massive 8,766,807 shares were sold!!!
Just read those sells again and you'll see why we have decided to jump ship.

Congratulations on your "engagement" Bhunt1910 and Kivver - and we never knew!

lots of SQELCHY love

StockDogDynamiteJimwrenPorkyKenmare

lol, he is such a jerk it is untrue.

bhuntkivver

Thanks for alerting me to "my engagement" Kiver.

I have no knowledge about this share, have never posted on this thread, have never traded in this share - its not even on my watch list - so not quite sure what is going on.

Ian - is there anything that you can do - someone is obviously being mischevious trying to link me and Kiver together. Now Kiver if you are female, blonde and young - then maybe that could be interesting - but as I am male, geriatric and knackered - I cant see a match being made in heaven.

So if you dont mind - I would like to break of the engagement.

Baza

Ok Guys,

Please stick to the subject at hand and not personal abuse.

Ian

im fat bold and ugly too (is alright to insult myself?) unlike pro who apparently looks like brad pitt and mrs moneypenny. I agree Ian but we should also monitor the rampant rampers.

i have no interest in kmr, but when i saw baza and kivver together ....well, they looked so cute!!!! awwww!! this thread is nearly as funny as axm. sadly the seo thread seems to have become infested with shcizo's too!! anyway, baza , i thought that was rotten thing to do, to break kivvers heart so callously!!

BTW is insiderinsider covered by the canoncial laws of degree as concerns holy wedlock? Looks a bit close for comfort to me. Maybe it's even just one person behaving to himself as two - if you call that kind of behaviour behaving! KWIM.

woof woof

SD

Since 29 March KMR has achieved the following statistcs:

Buys: 2,166,587
Sells:9,881,768
Buyers: 300
Sellers: 488

I'm worried that this negative trend may continue, especially as it has been accompanied with annual results, and would like to invite sensible comments please.
Perhaps I've held on long enough and, like everyone else, need to sell now???

Kenmare Resources PLC
16 May 2005

Kenmare Resources plc ('Kenmare' or 'the Company')



HIGHER CAPACITY LEVELS EXPECTED FROM MOMA MINE

Kenmare Resources plc is pleased to announce that final flowsheet development of
the processing facility for its Moma Titanium Minerals Project in Mozambique has
indicated that the mine will have the capacity to produce 701,000 tonnes of
ilmenite per annum. The previously reported production volume for ilmenite was
615,000 tonnes. Rutile and zircon production volumes remain substantially
unchanged.

Ilmenite is most commonly used to manufacture white pigment, which in turn is
used in paint, plastics, fabrics and paper.

The Moma Mine construction programme is on schedule, with production due to
commence in the second half of 2006.



16th May 2005



For more information:

Kenmare Resources plc
Michael Carvill, Managing Director
Tel: + 353 1 671 0411 / Mob: + 353 87 674 0110

Conduit PR Ltd
Leesa Peters/Pam Spooner
Tel: + 44 (0) 207 618 8708 / Mob: + 44 (0) 781 215 9885

Murray Consultants Ltd
Elizabeth Headon
Tel: + 353 1 498 0300 / Mob: + 353 87 989 7234

www.kenmareresources.com

Stop your silly ramping. You must think we are kids! Since your report was released the selling has continued. What does that tell you?? You don't need to be a genius to work it out. This company has lots of promises but never delivers anything except a sliding share price. My advice to anyone holding this stock is to get rid of it quick!!!

Talking of kids, how old are you Pro, 10, 11? Shouldn't you be setting off to school round about now? Perhaps you should have a look at the AXM thread to see who is the ramper. Posting the same stuff time and time again. Oh, and the AXM SP has more or less halved since your magical tip! You really are a childish joke who should stay in the safety of the playground.

kmr low teens to mid twenties - nuff said! thats a rise in anybodys book unless you have less intelligence than a gnat.

Stop your silly ramping. You must think we are kids! Since your report was released the selling has continued. What does that tell you?? You don't need to be a genius to work it out. This company has lots of promises but never delivers anything except a sliding share price. My advice to anyone holding this stock is to get rid of it quick!!!
This share should be avoided at all costs. There are more sellers than buyers in the market -what does that tell you???
Yesterday it lost over 2% and has nowhere to go. Definitely a sell!!!