MomaMoma Titanium Minerals MineTitanium Minerals MineUpdate & 2011 ResultsUpdate & 2011 Results -- March 2012March 2012Update & 2011 Results Update & 2011 Results March 2012March 2012

DisclaimerDisclaimer

• This Confidential Presentation (the “Presentation”) has been prepared and issued by Kenmare Resources plc (the “Company” or “Kenmare”). While this Presentation has been prepared in good faith, the Company and its respective officers, employees, agents and representatives expressly disclaim any and all li bilit f th t t f i i f thi P t ti d f th itt l i ti t itt d d il bl t th i i tliability for the contents of, or omissions from, this Presentation, and for any other written or oral communication transmitted or made available to the recipient or any of its officers, employees, agents or representatives. No representations or warranties are or will be expressed or are to be implied on the part of the Company, or any of its respective officers, employees, agents or representatives in or from this Presentation or any other written or oral communication from the Company, or any of its respective officers, employees, agents or representatives concerning the Company or any other factors relevant to any transaction involving the Company or as to the accuracy, completeness or fairness of this Presentation, the information or opinions on which it is based, or any other written or oral information made available in connection with the Company.

• This Presentation does not constitute or form part of, and should not be construed as, an offer, invitation or inducement to purchase or subscribe for any securities of the Company nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or investment decision relating to such securities, nor does it constitute a recommendation regarding the securities of the Company.

• This Presentation is as of the date hereof. This Presentation includes certain statements, estimates and projections provided by the Company with respect to the anticipated future performance of the Company or the industry in which it operates. Such statements, estimates and projections reflect various assumptions and subjective judgments by the Company’s management concerning anticipated results, certain of which assumptions and judgments may be significant in the context of the statements, estimates and projections made. These assumptions and judgments may or may not prove to be correct and there can be no assurance that any projected results are attainable or will be realised. In particular, certain statements in this Presentation relating to future financials, results, plans and expectations regarding the Company’s business, growth and profitability, as well as the general economic conditions to which the Company is exposed, are forward looking by nature and may be affected by a variety of factors. The Company is under no obligation to update or keep current the information contained in this Presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein and any opinions expressed in the Presentation or in any related materials are subject to change without notice.

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The AssetThe Asset

•• World class asset: Moma Titanium Minerals Mine in MozambiqueWorld class asset: Moma Titanium Minerals Mine in MozambiqueWorld class asset: Moma Titanium Minerals Mine in MozambiqueWorld class asset: Moma Titanium Minerals Mine in Mozambique

–– One of the world’s largest known titanium minerals deposits One of the world’s largest known titanium minerals deposits

with >200with >200 mtmt of contained ilmeniteof contained ilmenitewith >200 with >200 mtmt of contained ilmeniteof contained ilmenite

•• Phase 1 approx. capacity:Phase 1 approx. capacity:

–– 800 800 ktpaktpa ilmenite, 50 ilmenite, 50 ktpaktpa zircon, 14 zircon, 14 ktpaktpa rutilerutile

7% of global feedstock supply7% of global feedstock supply–– ~7% of global feedstock supply~7% of global feedstock supply

•• Phase 2 approx. capacity:Phase 2 approx. capacity:

–– 1.2 1.2 mtpamtpa ilmenite, 75 ilmenite, 75 ktpaktpa zircon, 21 zircon, 21 ktpaktpa rutilerutile

10% of global feedstock supply10% of global feedstock supply–– ~10% of global feedstock supply~10% of global feedstock supply

3

Moma Mine & Processing Plant TodayMoma Mine & Processing Plant Todayg yg y

4

Lost Time Injury Frequency RateLost Time Injury Frequency RateLost Time Injury Frequency RateLost Time Injury Frequency Rate

Lost Time Injury Frequency Rate LTIFR C ili

0.40

Lost Time Injury Frequency Rate LTIFR Ceiling

0 200.20

- Jan-

Feb-

Mar-

Apr-

May

Jun-

Jul-1

Aug-

Sep-

Oct-

Nov-

Dec-

South African Mineral Sands Competitors 4 year average approx. 0.39

-11

-11

-11

11

y-11

-11

11 -11

-11

11

-11

-11

5

MiningMininggg

6

Moma Titanium Minerals MineMoma Titanium Minerals Mine

ExportExport

7

Moma Moma –– Resource BaseResource Base

118 year life at Phase 2118 year life at Phase 2expanded production level

Current mine areaWCP A to 2024WCP B to 2020

Namalope dredge path plan

Dredge Path WCP A

Dredge Path WCP B

Namalope dredge path plan

8

Supplementary MiningSupplementary Miningpp y gpp y g

ProcessingProcessinggg

10

Ilmenite ProductionIlmenite Production

Ilmenite 000t: Quarterly250.0

y

200.0

100 0

150.0

50.0

100.0

0.0

50.0

10 Q1 10 Q2 10 Q3 10 Q4 11 Q1 11 Q2 11 Q3 11 Q4

11

Zircon ProductionZircon Production

Zircon 000t: Quarterly

12.0

14.0

y

10.0

6.0

8.0

4.0

0.0

2.0

10 Q1 10 Q2 10 Q3 10 Q4 11 Q1 11 Q2 11 Q3 11 Q4

12

Upgrade of Export FacilitiesUpgrade of Export Facilitiespg ppg p

• Original Northern wharf strengthened

• 2nd Southern Wharf added to the jetty

• Increase operability, loading rates and availability

13

New Jetty Southern BerthNew Jetty Southern Berthyy

Bronagh J docked at new southern Jetty

3D Model of the3D Model of the new twin wharf

jetty design14

Peg & Sofia IIIPeg & Sofia IIIgg

Peg•New Transhipment Barge at anchor at Moma

S fSofia III•New Tug, which paired with the Peg

form a transhipment unit. Picture h th S fi d k d i itshows the Sofia docked in its

operational position within the Peg’s drive slot

KMAD: Outlook & AchievementsKMAD: Outlook & Achievements

• 5 Year Plan being Implemented

• Support from First Class Partners:

WWF, FMO, Clusa, Mocmed and

MIGAMIGA

• Community Projects:

• Health Projects: Construction of a

Health Clinic at Moma completed,

Community Malaria Eradication

Program implementedProgram implemented

• Income Generation: Savings &

Credit, Horticulture, Poultry,

S i A i l H b d S ltSewing, Animal Husbandry, Salt

• Socio-Cultural: Schools, Sports,

Scholarships

• KMAD Executive Manager appointed

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ExpansionExpansion

Ph 2 i t i t d ti d i it

ExpansionExpansion

• Phase 2 expansion to increase current production design capacity

by 50%

• EPCM Contractor: Aveng Group

• WCP A upgrade completed

• Equipment purchases substantially complete & delivered to site• Equipment purchases substantially complete & delivered to site

• Dredge completed and landed at Moma

• Total Expansion Cost: approx. US$300m

• Due for completion in second half 201217

PHASE 2 EXPANSION: MiningPHASE 2 EXPANSION: Mininggg

• EXISTING Wet Concentrator Plant A (WCP A)E h d HMC d ti d i

Upgrade two existing dredges

Upgrade WCP A to increase spiral feed capacity from

3 000 t 3 500 t h

2,000 tph of mineral sands

ore

2,000 tph of mineral sands

ore

2,000 tph of mineral sands

ore

Enhanced HMC production design

3,000 to 3,500 tph

• NEW Wet Concentrator Plant B (WCP B)

Installation of 2nd mining plant consisting of:

Dredge 2 Dredge 3Dredge 1

WCP A3,000 tph WCP Bg p g

• WCP with spiral feed capacity of 2,000 tph

• Starter pond

, pExisting capacity

Heavy minerals concentrate to the

+ 500 tph additional capacity

WCP B2,000 tphcapacity

• 3rd dredge

• WCP spirals modular design allows for easier

future capacity increases

New facilities

Existing facilities

processing plant

Namalope dredge path planfuture capacity increases

• Addition of WCP B will not interfere with existing

operations Dredge Path WCP A

Dredge Path WCP B

p g p p

• Planned WCP B move to the Nataka deposit in 2020 and

WCP A in 202418

WCP A Upgrade CompleteWCP A Upgrade Completepg ppg p

Lifting new motors into position

Upgraded tails pump to 750kW direct drives

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WCP BWCP B33rdrd Dredge before being shipped to MomaDredge before being shipped to Moma33rdrd Dredge before being shipped to MomaDredge before being shipped to Moma

SPI IHCCutter 750kW 280kW

Pump 2250Kw 750kW

Winch 40 t 12 tWinch 40 t 12 t

Length 69m 47m

Breadth 13.5m 9.5m20

WCP BWCP BArrival of 3Arrival of 3rdrd Dredge at MomaDredge at MomaArrival of 3Arrival of 3rdrd Dredge at MomaDredge at Moma

First Dredge Pontoons garriving on the beaching barge at Moma

Dredge pontoonsDredge pontoons being offloaded from

the beaching barge 21

WCP BWCP B33rdrd Dredge components at MomaDredge components at Moma33rdrd Dredge components at MomaDredge components at Moma

New Dredge Pontoons being offloaded at the WCP B construction pond

Main pump of the new dredge at storage

area on site at Moma22

WCP BWCP BPontoons and Strongbacks before being shipped to MomaPontoons and Strongbacks before being shipped to MomaPontoons and Strongbacks before being shipped to MomaPontoons and Strongbacks before being shipped to Moma

WCP B pontoons being t i l bl d ttrial assembled at Durban Shipyards prior to sending to site

WCP B Strongbacks inWCP B Strongbacks in the manufactures

workshop23

WCP B WCP B Pontoons Arriving at MomaPontoons Arriving at MomaPontoons Arriving at MomaPontoons Arriving at Moma

WCP B pontoons awaiting t f f th itransfer from the ocean going ship to the beaching barge, offshore at Moma

WCP B pontoons being landed at the

beach at Moma24

WCP BWCP BPontoons being transported to Mine PondPontoons being transported to Mine PondPontoons being transported to Mine PondPontoons being transported to Mine Pond

WCP B pontoons being trucked from the beachtrucked from the beach

to the construction pond

WCP B pontoons pentering the construction pond

25

WCP B WCP B Pontoons being positionedPontoons being positionedPontoons being positionedPontoons being positioned

First WCP B Pontoon being placed in position

Fi t t i fi lFirst pontoon in final position

26

WCP BWCP BStrongbacksStrongbacks arriving at Momaarriving at MomaStrongbacksStrongbacks arriving at Momaarriving at Moma

WCP B StrongbacksWCP B Strongbacks being transported

from the beach front to the construction

pond

First WCP B strongbacksection being assembled onto the pontoons

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WCP BWCP BLatest progress as at 20Latest progress as at 20 March 2012March 2012Latest progress as at 20Latest progress as at 20 March 2012March 2012

All 15 WCP BAll 15 WCP B pontoons in

place with 4 of the outerthe outer

strongbacksections

assembled onassembled on top

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PHASE 2 EXPANSION PHASE 2 EXPANSION –– ProcessingProcessinggg

Enhanced processing plant design• Mineral Separation Plant (MSP)

Expanding capacity from 135 tph to 220 tph

• New Wet High Intensity Magnetic Separation New Wet High

225 tph of heavy minerals concentrate (HMC) feed

Enhanced processing plant design

g y g p

(WHIMS) circuit

More efficient upfront separation of Magnetic

d N ti i l

gIntensity Magnet

Separation (WHIMS)

105 tph magnetic stream

80 tph magnetic stream

40 tph of non-magnetic stream

and Non-magnetic minerals

Enhanced efficiency of existing operation

• Modular approach to construction to avoid Enhanced non-magnetic circuit

Existingilmenite circuit New Auxiliary

Ilmenite circuit

disruption to existing operations

• Enhanced non-magnetic circuit with additional

driersdriers

• Upgrade of associated infrastructure and

equipment, particularly electricity and water supply

Zircon & rutile Ilmenite Ilmenite

New facilities Existing facilitiesNew facilities Existing facilities

29

WHIMS ConstructionWHIMS Construction

3D Design of WHIMS building

Structural steel

skeleton of the new WHIMS building

20 Feb 2012 18 March 2012 30

MSP MSP BrownfieldsBrownfields ProgressProgressgg

MSP B hMSP Baghouse

Upgraded Double deckUpgraded Double deck wet tables

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Aux Ilmenite Site ProgressAux Ilmenite Site Progressgg

3D Design of Auxiliary3D Design of Auxiliary Ilmenite Plant

Auxiliary Ilmenite Foundations

32

Product Product Storage AreaStorage Areagg

Current progress t th Ziat the Zircon

Stores with concrete works almost completealmost complete

Current progress at theCurrent progress at the Ilmenite Stores with

concrete works complete and erectioncomplete and erection

of structural steel underway

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PCM PCM contrcatcontrcatKey Expansion Management Key Expansion Management Systems Systems y p gy p g yy

• Emphasis moved from Engineering & Procurement (EP) to Construction & Management (CM)Management (CM)

• Controls in place:

• Experienced Owner’s Teampe e ced O e s ea

• Integrated schedule

• Two tiered cost control

• Increased quantity surveying capacity (Turner & Townsend)

• Cost forecasting and tracking at discipline level

• Sub contractor management

• Risk management & auditing

• GPR Dehler

• Design peer reviews

• Commissioning plan and team

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Demand For Demand For TiOTiO2 2 Feedstock Is Primarily Driven Feedstock Is Primarily Driven B Pi t C tiB Pi t C ti

Description End uses

By Pigment ConsumptionBy Pigment Consumption

• Ilmenite and rutile are naturally occurring minerals containing TiO2. Ilmenite contains between 45% and 62% of TiO2 while rutile contains between 94% and 96%

• Ilmenite and rutile occur predominantly in the form of heavy mineral sands However hard rock deposits are also found

• Titanium feedstocks are used predominantly to produce titanium dioxide pigment that is favoured for its brilliant whiteness, excellent opacity, non-toxicity and inertness

• Rutile and beneficiated ilmenite are the main raw materials used to make titanium metal Titanium metal’s uniquemineral sands. However, hard rock deposits are also found

mainly in Norway and Canada

• The main ilmenite producing countries are South Africa, Australia and Canada. Together, they account for c.60% of global ilmenite production most of which is beneficiated

used to make titanium metal. Titanium metal s unique properties including its high strength to weight ratio, high melting point and its resistance to corrosion make it the preferred metal for a number of demanding applications such as the manufacture of airframes and jet engines for the aerospace industry

TiO2 Feedstock consumption 20101 Pigment producers 20101 Pigment consumption by end-use

the aerospace industry

• Other end-uses include fluxes and welding rod coatings

sector 20101

Source 1 TZMI Mineral Sands Annual Review June 201135

Demand for Zircon is primarily driven by the Demand for Zircon is primarily driven by the i i d ti i d t

Description End uses

ceramics industryceramics industry

• Zircon is a zirconium silicate mineral often produced as a co-product of titanium minerals mining

• Most zircon production is located in Australia and Southern Africa

• Main usages of zircon are in the ceramics industry for the production of opacifier and frit compounds for decorative wall and floor tiles and sanitary ware

• Foundry and refractory applications for steel and glass Africa industries• Fused zirconia, zirconium chemicals used for ceramics

pigments, wear materials and various chemical applications

• Zirconium metal used primarily in the nuclear industry

Zircon consumption by end use sector 20101

Zircon millers 20102 Geographical zircon consumption 20101

• Zirconium metal used primarily in the nuclear industry

Other, 2%

Zirconia & Zr

chemicals, 18% China

42%Japan3%

Rest of World23%

Bitossi20%

Endeka12%

Mario PilatoTV Glass, 2%

Foundry, 10%

Refractory, 14%

Ceramics, 55%

42%

Europe24%

North America

8%

3%Mario Pilato Blat7%

Trebol7%Kreutz

5%

Others49%

5%

Source 1 TZMI Mineral Sands Annual Report June 2011, 2 Kenmare Estimates36

China Has Been The Key Source Of Growth In China Has Been The Key Source Of Growth In Pi t D d O Th L t 20 YPi t D d O Th L t 20 YPigment Demand Over The Last 20 YearsPigment Demand Over The Last 20 Years

Pigment demand (mt)Pigment demand (mt)

mt of pigments

1991-2010 CAGR= 3.3%

1991-2010 CAGR= 2.2%

1991-2010 CAGR= 16 0%= 16.0%

Also strong pigment growth in other BRIC economies37

Pigment Demand Growth DriversPigment Demand Growth Driversgg

Pigment Consumption Pigment Consumption Intensity of TiOIntensity of TiO22 in 201in 20101

• Pigment demand growth exceeds GDP

growth in industrialising economiesgrowth in industrialising economies

• Per capita consumption rates of

3k / it i t d l d~3kg/capita in western developed

economies

• Below 1kg per capita in BRIC & other

industrialising economies

• 4.7% CAGR from 2010 to 2020 driven by

strong growth in developing economies

1 Source TZMI Ilmenite Study & Price Forecasts Update April 201138

Titanium Feedstock Supply ConstraintsTitanium Feedstock Supply Constraints

• Lack of meaningful investment in the titanium

pp ypp y

Lack of meaningful investment in the titanium minerals mining industry in the past decade

• Sector remains on catch-up to meet strong growing demand

Global market share TiOGlobal market share TiO22feedstock producers 2010feedstock producers 2010

growing demand

• Some new supply sources – high OPEX, CAPEX and long development timetables

• RSA high power tariff increases and restricted supply impedes capacity expansion by RSAslag producers

• A number of existing operations are reaching full capacity and have limited expansion potential due to resources constraints

51%

• Increasing demand for ilmenite for beneficiation

• China has limited mining potential and is import dependent : ~2.0mt imported in 2011

1 Source TZMI Mineral Sands Annual Report June 2011

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Global Feedstock Demand & Supply to 2016Global Feedstock Demand & Supply to 2016pp ypp y

• Structural deficit of all titanium feedstocks from 2011

• Overall shortfall of 1.7 mt1TiO2 units by 20161 –

equivalent to 3.4 mt of mined ilmenite2

M E i Ph 2• Moma Expansion Phase 2 is factored into supply demand balance

P j t d d fi it ld

Expected supply deficit: c.28% of global supply in 20161

• Projected deficit could absorb Phase 3 Expansion as well as likely new medium term entrants

Demand growth and supply constraints are expected to create a Demand growth and supply constraints are expected to create a significant supply deficit in the next 5 yearssignificant supply deficit in the next 5 years

p pp y g pp y

1 Source TZMI Ilmenite Study & Price Forecasts Update April 20112 2 tonnes of ilmenite at 50% TiO2 content is equivalent to 1 tonne TiO2 unit

significant supply deficit in the next 5 yearssignificant supply deficit in the next 5 years

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Market Market Review Review -- Titanium FeedstocksTitanium Feedstocks

• Pigment demand was robust in Q1-Q3 2011 and prices increased strongly

• Q4 slowdown due to de-stocking on back of rapidly increasing prices

• Driven by strong pigment production growth and recovering titanium metal demand

• Move to short term feedstock contracts - generally 6 monthly

• Tight market conditions for all feedstocks, particularly ilmenite & rutile

• Increasing opportunities to supply ilmenite for upgrading

• Strong upward price pressure during 2011 and in H1 2012:– Ilmenite from ~US$100/ to US$300/t – US$400/tIlmenite from US$100/ to US$300/t US$400/t– Rutile from ~US$1,000/t to ~US$2,500/t– Standard zircon from ~US$1,000/t to ~US$2,400/t

• Pigment demand growth of 4 7% CAGR from 2010 to 20201 to exceed historical• Pigment demand growth of 4.7% CAGR from 2010 to 20201 to exceed historical trendline growth rate

• Feedstock supply deficit to persist in the medium term & support upward price trend

• In the short term not immune to global economic factors

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KenKen2011 2011 Income Statement ReviewIncome Statement Review

2011 2010 Comment on 2011

US$m US$m

Revenue 167.5 91.6 Sales up 83% on 2010

CoS & Opex (114.6) (95.1) Costs up 20% on 2010

Operating profit/(loss) 52.9 (3.5)

Net finance costs (28 4) (29 5) $8 6m paid & balance accruedNet finance costs (28.4) (29.5) $8.6m paid & balance accrued

Foreign exchange (loss)/gain (6.3) 16.7 On Euro debt & SA Rand cash

Profit/(loss) before tax 18.2 (16.3)

Tax credit 5.5 0.0 Deferred tax credit given price rises

Profit/(loss) after tax 23.7 (16.3)

• Blended product prices achieved up 78%, compared with 2010

• EBITDA: US$71.7m (2010: US$17.4m)

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( )

• EPS: USD 0.99c/share (2010: loss USD 0.80 c/share)

772011 2011 Cash Cash Operating Costs ReviewOperating Costs Reviewp gp g

US$m US$m

Cost of Sales 97.5 Other operating costs 17.1 114.6

Freight (CIF charged to customers) 3.6Total costs less freight 111.0

Non-cash costs:Depreciation 18.8 Share-based payments 3.4 22.2Share based payments 3.4 22.2

88.8

Non-recurring costs:gDemurrage 2.5Finance related / Technical Completion 1.5 4.0

43

Ongoing cash operating costs 84.8

772010 2010 -- 2011 EBITDA Bridge (US$ millions)2011 EBITDA Bridge (US$ millions)g ( )g ( )

90 0

100.0

70.0

80.0

90.0

50.0

60.0

30.0

40.0

0 0

10.0

20.0

0.0

44

• EBITDA increase threefold, despite legacy ilmenite contracts

• Industry cost inflation and strong SA Rand in 2011

772011 2011 Cash Operating CostsCash Operating Costsp gp g

Other costs 13%

Labour29%

Distribution costs 7%

13%

ProductionProduction Overheads

17%

Power & fuel 15%

R i &

45

Repairs & Maintenance

19%

KenKen2011 Balance Sheet Review2011 Balance Sheet Review

2011 2010 Comment on 2011 & movement

US$m US$m

Property, plant & equipment 714.1 552.8 Largely expansion investment

Deferred tax asset 5 5 - Increase in final product pricesDeferred tax asset 5.5 Increase in final product prices

Inventories 25.8 24.6 Products & spares stocks

Trade & other receivables 38.8 12.9 High value shipment Dec. ‘11

Cash 77.3 238.5 Reduced due to expansion capex

Total assets 861.5 828.9

Equity & reserves 495.4 466.1 Largely due to profit in 2011

Bank loans 327.1 338.4 Repaying Senior & roll up Sub debt

Creditors & provisions 39.0 24.4 Increase in expansion creditors

Total equity & liabilities 861.5 828.9

46

• Significant Balance Sheet movements are expansion related

Project DebtProject Debtjj

• Project Debt at 31 Dec 2011: US$327m (2010: US$336m)Project Debt at 31 Dec. 2011: US$327m (2010: US$336m)

• Lenders: Absa, KfW, FMO, EIB, EAIF & AfDB

G arantors ECIC (of Absa) MIGA & Hermes (of KfW)• Guarantors: ECIC (of Absa), MIGA & Hermes (of KfW)

• Average interest rate at Dec. 2011 was 8.2%

• Senior: US$133m, floating @ LIBOR + 3.5% to 5.3%, fixed @ 5.45% to 7.45%. Senior maturities: 2015 - 2018.

• Sub: US$194m floating @ LIBOR + 5% to 8% fixed @ 10% Additional• Sub: US$194m, floating @ LIBOR + 5% to 8%, fixed @ 10%. Additional margin 1% to Completion (est. 2013). Sub maturities: 2019.

• Achieved Technical Completion Sept. ‘11: Sub. Debt interest reduced by 2%, p p yapprox. US$3m annual saving.

• Lenders agreed to allow US$65m expansion funding from operating cashflow in Dec ‘11in Dec. ‘11.

47

2011 Highlights2011 Highlightsg gg g

• EBITDA US$71.7m, up from US$17.4m in 2010

• Profit after tax US$23.7m, compared with loss US$16.3m in 2010

• Robust demand increases market prices strongly in 2011

• 83% revenue increase to US$167.5 million, up from US$91.6 million 2010

• Mine operating safely: LTIFR rate 0.23pa against industry average 0.39pa

• Shipped 730.4kt final products, up from 712.9kt in 2010

• Produced 842.9kt HMC (2010: 856.9kt)

• Produced 636.8kt ilmenite (2010: 678.4kt) & 43.6kt zircon (2010: 37.1kt)

• Combined dry mining & dredges set to return mine to target output levels

• Phase II expansion progressing with delivery of critical items to Moma

• Strong demand for output from Phase II expansion, majority of which allocated to customers

• Achieved Lender Technical Completion, resulting in US$3m pa interest saving

• Increase in localisation from 79% in 2010 to 85% in 201148

Kenmare Resources plc

Kenmare Resources plcChatham House , Chatham Street

Dublin 2, Irelandwww.kenmareresources.comwww.kenmareresources.com

49