AMN - MOZAMBIQUE: Kenmare sets up Sustainability Committee

Kenmare Resources, a leading producer of titanium minerals and zircon from the Moma project in northern Mozambique, has approved the establishment of a Sustainability Committee. This body will be responsible for ensuring the company has the appropriate strategies, policies and operational controls in place to maintain a socially responsible business.

The Sustainability Committee will be chaired by non-executive director Elizabeth Headon with fellow non-executive directors Clever Fonseca, Graham Martin and Tim Keating as the other members.

Following her appointment as chair of the Sustainability Committee, Ms Headon will stand down from her roles on the Remuneration Committee and the Nomination Committee. Other committee membership is unchanged.

The name of the Audit Committee has been changed to the Audit and Risk Committee. These changes will take effect immediately.

Chairman Steven McTiernan said, "Kenmare is committed to being a responsible corporate citizen and in line with best practice environmental, social and governance standards, we are pleased to establish a Sustainability Committee.

"The committee will have responsibility for ensuring that Kenmare has the appropriate strategies, policies and operational controls in place to maintain a socially responsible business and that a positive and sustainable legacy remains beyond the lives of our mining operations."

Kenmare Resources plc is one of the world's largest producers of mineral sands products.

Listed on the London Stock Exchange and the Euronext Dublin, Kenmare operates the Moma Titanium Minerals Mine in Mozambique.

Moma's production accounts for approximately 7% of global titanium feedstocks and the company supplies to customers operating in more than 15 countries.

Kenmare produces raw materials that are ultimately consumed in everyday 'quality-of-life' items such as paints, plastics and ceramic tiles.

During the first half of 2019 Kenmare shipped 307,000 tonnes of finished products, which comprised 275,400 tonnes of ilmenite, 14,900 tonnes of primary zircon, 3,400 tonnes of rutile and 13,300 tonnes of concentrates.

In the company's H1 report, managing director Michael Carvill said, "At the end of the first half, we are on track to achieve our 2019 guidance on all stated metrics.

"Excavated ore volumes continued to increase during Q2, as the investments we are making to grow our mining capacity are already beginning to deliver.

"Q2 was the weakest quarter forecasted for 2019 in terms of grade, which resulted in lower HMC production, but consequently higher grades are anticipated for the remainder of the year.

"Shipments recovered significantly in the second quarter, following Cyclone Idai in March 2019, despite further adverse weather. We remain confident that full-year 2019 sales volumes will not be impacted.

"We continued to see stronger market conditions in Q2 2019, with increased demand for ilmenite leading to higher prices and we expect this trend to continue through the second half of 2019."

www.kenmareresources.com