Chatham House, Chatham St, Tel: +353 1 671 0411 Fax: +353
Dublin 2, Ireland. 1 671 0810
Rua de Chuindi No.67 R/C, Tel: +258 21 499 701 Fax: +258
Maputo, Mozambique. 21 499 731
Website: Email:
www.kenmareresources.com info@kenmareresources.com
Kenmare Resources plc (“Kenmare” or “the Company”)
23 December 2009
Settlement Deal Agreed with Contractor
Kenmare is pleased to announce that it has entered into a Deed of Final
Settlement and Release (“Deed of Settlement”) with Multiplex Bateman Joint
Venture (MBJV), who were employed as contractor to build the Moma Titanium
Minerals Mine in northern Mozambique. Under the terms of the Deed of Settlement
all outstanding rights, obligations and liabilities of all parties under the
Engineering, Procurement and Construction Contract and related agreements have
been mutually settled and released.
Leading to the final settlement, Kenmare has been paid US$10 million and will
keep all amounts currently held on retention totalling approximately US$12
million. In addition, MBJV has waived invoice payments totalling US$8.5 million
and other rechargeable costs due to MBJV under the contract. Delay damages of
US$20 million were also withheld from invoices and certain reimbursable costs
submitted by the contractor. The Deed of Settlement is final in all respects.
Charles Carvill, Chairman said, “We are very pleased with the settlement agreed
with the contractor. It allows Kenmare to move on with establishing Moma as a
robust and well-performing mine.”
For more information:
Kenmare Resources plc
Michael Carvill, Managing Director
Tel: +353 1 671 0411
Mob: + 353 87 674 0110
Murray Consultants
Jim Milton/Joe Heron
Tel: +353 1 498 0345
Mob: + 353 86 255 8400
Conduit PR Ltd
Charlie Geller
Tel: +44 207 429 6666
Mob: +44 797 0067320
www.kenmareresources.com <
http://www.kenmareresources.com/>
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