Moma

Kenmare Resources announced an ordinary share placement of 51.2 million new ordinary share at six Euros each to raise EUR16.4 million. N M Rothschild and Sons Limited acted as financial adviser to the company. The proceeds will be used to increase the production rate at the Moma mine to achieve production targets.

Mining and concentration operations commenced at Moma in late April. Since then a heavy mineral concentrate stockpile has been built up, ready for conversion into final products in the Minerals Separation Plant.

Irish headquartered Kenmare Resources has pegged the mine life of its Moma titanium mineral mine in Mozambique's northern province of Nampula at 120 years - far higher than its last estimate of 20 years - following a new reserve discovery at Nantaka, close to the mine, writes Mineweb.