Kenmare reports $4.7m profits

Mining and exploration company Kenmare has announced pre-tax profits of $4.7m (€3.8m) for 2005, up from $23,000 (€18,600) in 2004.

Kenmare also reported that building of its Moma titanium minerals project in Mozambique is 80% complete.

Construction of the project is a joint venture between Multiplex Limited and Bateman BV.

Kenmare expects the project to be ready for handover by the end of the year.