Kenmare achieves milestone for Mozambique mine

6th Sep 2011 07:51

Irish mining firm Kenmare Resources has achieved 'Technical Completion' at the Moma Titanium Minerals Mine in Mozambique, a major milestone towards releasing its loan guarantees for the project.Technical completion is achieved by issuing four certificates: PhysicalFacilities, Production, Efficiency and Environmental. The first three of these certificates were issued earlier this year and the Environmental Certificate has now been issued, Kenmare said.The project loans associated with the Moma Mine are guaranteed by Kenmare. This guarantee terminates when both Technical and Non-Technical Completion are achieved. The key remaining step to achieve Non-Technical Completion involves the filling of specified reserve accounts to the required levels, which must occur by 31 December 2013.Tony McCluskey, Kenmare's Finance Director, said: "We are delighted to have passed this major milestone and appreciate our lenders' and shareholders' support as we put in place all the environmental controls and reporting systems which enabled us to achieve Technical Completion. We can now move on to achieving Non-Technical Completion, when Kenmare's project loans guarantee is released."--jh