Kenmare Resources has received loan approvals for €55m from the European Investment Bank and €40m from the African Development Bank of its Moma Titanium Minerals project in Mozambique.
These loan approvals, which represent about 40% of the total funds needed for the project, are subject to outstanding conditions.
Kenmare hopes to start production at the site in 2005 and has already signed a number of deals covering advance sales of output from the mine. It has also signed a 20-year power supply deal with Mozambique's state electricity company.
The European Investment Bank, which is the long term financing institution of the European Union, has a mandate to finance investment projects in the African, Caribbean and Pacific regions.
The African Development Bank, based in Tunisia, is a leading financial development institution in Africa.
Welcoming today's announcement, Kenmare's Managing Director Michael Carvill the company will continue to progress the remaining marketing and contractor negotiations and look forward to the other members of the lender group getting their loan approvals.
