Moma Mineral Sands Project

 

EAIF has provided finance totalling US$ 24.5 million as part of an overall financing package of US$ 270 million for the Moma Mineral Sands Project being undertaken by Kenmare Resources Plc at a total cost of US$ 413 million.

The financing has enabled the exploitation of a titanium mineral sands deposit expected to be the second lowest cost producer in the world. The main use of the mineral sands will be to produce titanium dioxide, which is mainly used in the production of pigment for the paint and ceramics industries.

 

EAIF’s funding comprises the following elements:


  • Senior Debt: US$ 5 million repayable over 14 years
  • Subordinated Debt: US$ 17 million repayable over 15 years
  • Subordinated Standby Overdraft: US$ 2.5 million; available until physical completion of the project infrastructure, comprising:
    • 170 kilometre electricity transmission line.
    • New transformer to increase supply potential and provide greater security of electricity supply
    • 40 kilometres of new roads
    • A new airstrip
    • Improved health facilities
    • Upgrade in the clean water supply.

The project will employ 1,000 people during construction and 425 during mining operations. Bringing skills training to the local population is an important social benefit of the project.

 

General economic benefits to Mozambique are calculated to be:


  • US$ 2.1 billion of export revenues over the project life
  • Significant direct and indirect tax revenues.

 

           Moma 1

 

( One of the experimental allotments setup to promote the development of small scale commercial agriculture )

 

 

            Moma 2

 

              ( Heavy mineral concentrate prepared for further processing { Jun '07 }  )

 

 

            moma 3

 

                 ( Mining Pond during the final stages of commissioning { Feb '07 } )

 

 

             moma 4

 

                             ( Aerial view of Processing Plant { Nov '07 } )

 

 

             Moma 5

 

( Mineral Separation Plant (centre) with Product Storage Warehouse on right { Feb '07 } )

 

 

 

NEWS ARTICLE

(taken from http://www.pr-inside.com/mining-company-kenmare-resources-plc-wins-best-international-csr-programme-r1501497.htm)

 

Mining company Kenmare Resources plc wins Best International CSR Programme

 

 

Monday, 28 September 2009.  Kenmare Resources plc, owners and
operators of the Moma titanium minerals mine in Northern Mozambique,
has won a major annual Corporate Social Responsibility award for the
Kenmare Moma Development Association which it founded in 2004.

 

Kenmare won the President's Award for the best International CSR
Programme from the Chambers of Commerce of Ireland, in association
with the Irish Government Department of Community Affairs, at a
ceremony in Dublin.  The company was praised for "its commitment and
efforts to develop the communities in which it works."  Projects by
other organisations in South Africa and Ghana were shortlisted in the
category which was open to companies from all sectors.

 

"We are extremely proud to have won this award, and particularly so
for the local community who are such active participants in KMAD.
Were it not for their hard work and commitment, we would have no
projects and KMAD would not exist," said Michael Carvill, Kenmare's
Managing Director.  "We are also very pleased for the sector that a
mining company has been selected and recognised as having an
'outstanding' approach to community relations and development.  The
commitment of Kenmare's Board and staff to KMAD has been
extraordinary.  We are all too well aware of how much further work is
required, and we are highly motivated to bring the initiative on
still further."

 

KMAD's goal is to strengthen the socio-economic development of the
communities in the vicinity of the Moma mine, a population of 10,000
people.  Five years ago, most of the population were subsistence
farmers and fishermen living on less than US$1 a day.  With the
support of local and international partner institutions, KMAD has
established small business in egg, broiler and vegetable farming
generating revenue of $150,000 a year across six villages, set up a
mobile health clinic with visiting GP and dentist, introduced
projects on food security and HIV/health, built four new schools, set
up a savings and credit scheme, installed water pumps and initiated a
soccer league.  While there is a still a great deal of work to do,
there is not a family in the area whose lives have not benefited in
some way by KMAD's programme.