Titanium mine financing nears completion

KENMARE Resources has moved a step closer to completing the financing of its mineral mine in Mozambique.

Shareholders in the company yesterday agreed to stump up $18.7 million (€15m) in a rights issue to help fund the $348 million titanium Moma mine in south-east Africa.

The company’s managing director Michael Carvill said he was delighted with the response of shareholders to the offer. He had expected to get just half of the amount.