Kenmare Resources plc

Kenmare was incorporated in Ireland in 1972 under the name Kenmare Oil Exploration Limited. After several years of oil exploration, the Company re-registered as a public limited company under the name Kenmare Oil Exploration Plc on 5 June 1985. On 28 July 1987, the Company changed its name to Kenmare Resources plc and in 1994 it was listed on the main market of the London Stock Exchange and the main market of the Irish Stock Exchange .In 1987, the company acquired 50% of the licence for the Congolone heavy mineral sands deposit in Mozambique and during 1989, Kenmare's holding increased to 95%.Separately, the Company operated the Ancuabe graphite mine from 1994 until 1999 when it was placed on care and maintenance due to a fall in graphite prices.Kenmare's drilling of the Congolone deposit resulted in measured mineral resources of 167 million tonnes of ore at grade 3.3% heavy minerals, containing a recoverable 4 million tonnes of ilmenite and associated co-products rutile and zircon. In 1996, BHP became a joint venture partner with Kenmare in the development of the Congolone deposit. Over the coming years, BHP would begin appraising the Namalope, Pilivili and Mualadi deposits and identify new heavy minerals deposits, which would ultimately become the main focus of the mining project. Following the closure of some of BHP's titanium feedstocks operations, the joint venture agreement was dissolved in 1999 and by 2001 Kenmare had acquired the exclusive rights to the deposit.Work began constructing the mine in October 2004. Production began in 2007 and Kenmare exported its first ilmenite from Moma in December 2007. Commercial production commenced in 2009.A settling pond adjacent to the Moma Mine breached its southern wall on 8 October 2010. A non-toxic discharge of water, sand and clay flowed through the nearby village of Topuito, leaving one 4-year-old child missing. Mining at Moma is undertaken using dredges and floating concentrator plants. Once the minerals are extracted, sand and clay tailings are deposited behind the plants through a series of settling ponds. The accident occurred when a containment wall on one of these settling ponds failed during the early hours of the morning. Mining resumed the following month after some 300 homes had been rebuilt. Kenmare extensively reviewed the berm system, which surrounds the containment ponds and implemented design changes provided by independent engineering firms to prevent any future incidents.