Kenmare Resources has won another contract to sell titanium deposits from its Moma Project in Mozambique.
It is understood the deal will account for between 15 and 20% of the project's revenue. It is the second major sale under contract signed for Moma and brings the total sales to well over 50% of the planned production.
Industry sources have suggested the buyer could be the Japanese industrial conglomerate Mitsui.
Michael Carvill, Managing Director of Kenmare, said the company believes it has now entered into take-off contracts covering a sufficient amount of product to satisfy the lenders' proposed marketing requirement for initial drawdown of debt finance.
