Kenmare Resources PLC will join the FTSE 250 index of shares on the London Stock Exchange after the quarterly review of the London Stock Exhange's FTSE UK Index Series. The changes will be applicable from Monday September 20, 2010.
The main asset of Kenmare resources group is the Moma Titanium Minerals Mine located in Mozambique. The mine on the coast contains reserves of titanium minerals ilmenite and rutile. It also has some high value zircon mineral.
Kenmare is currently progressing with an output expansion at the Moma mine in north Mozambique. The expansion is expected to be complete by 2012 helping to enhance the production of the mine.
The financial director of Kenmare Resources Tom McCluskey said that the recent rise in value of the stocks of the company were a result of the combined effect of the good production of the mine at Moma and the news that the company may be included in the FSTE 250 index.
The Managing Director of the Irish company, Michael Carvill was delighted that the FTSE Nationality Committee had deemed Kenmare eligible for FTSE inclusion. Mr. Carvill also believes that entering the FTSE 250 will broaden the range of potential investors for the company.