Kenmare lines up$200m project

KENMARE Resources has completed a major hurdle in its bid to secure $200m to fund a mining project in Mozambique to make it one of the top global producers of titanium.

The World Bank has just given approval for a €20m loan to the project and Kenmare managing director Michael Carvill said last night it has lined up a number of other banks to finance the project.

If successful, Dublin- based Kenmare and Mozambique will be one of the world's key mineral producers and would be a massive boon for Mozambique given it is one of the poorest countries in the world.