Kenmare raises another €15m for Moma project

Shareholders have applied for $18.7m (€15m) of shares in Kenmare Resources after the firm's open offer last month.

The Irish mining company has now raised $73.7m (€59.5m) for its massive Moma titanium mineral sands project in Mozambique.

The total includes a placing of $55m.

The company is still short of the $79m (€63.7m) it needs, but they hope to raise the rest through a supplemental placing.

It says it is already in talks with interested parties on the placing of the remaining shares.

Speaking at today's EGM, chairman Charles Carvill said that shareholders had contributed more than expected.

Mr Carvill hopes construction of the mine wil begin "within a matter of weeks".