Kenmare looks to raise €200m

IRISH mining company Kenmare Resources hopes to raise €200 million by way of a share placing, with the proceeds aimed at increasing production and expanding its Moma Titanium minerals mine in Mozambique.

The Dublin-based company which also published its annual results yesterday will place just under 1.5 billion new ordinary shares, at a price of 12p each, in Dublin and London, following shareholder approval which will be sought at an extraordinary general meeting at Dublin’s Westbury Hotel on March 29.

The move is set to be the second largest fundraising round ever embarked upon by an Irish company.