Kenmare Resources first-half profits reach €3m

KENMARE Resources made a profit of $3.7 million (€3m) in its first half-year arising from foreign exchange gains on Euro debt and deposit interest.

In the six months to June 30 2005, investment at Moma, its mine development in Ghana, increased by $84,411,649 to $220,056,203 while borrowing increased $64,548,488 to $119,522,623.

Its cash and bank balances at June 30 stood at $80,527,088.