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Michael Carvill Kenmare Annual General Meeting 9 th May 2008

Moma Titanium Minerals Project. Michael Carvill Kenmare Annual General Meeting 9 th May 2008. Overview of Kenmare Moma Mine. Export. Time Line for Handover of Mine. 1 st Shipment. MSP Handover. Roaster Sheduled Handover. Scheduled Handover. Dredgers & WCP Handover. Barge

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Michael Carvill Kenmare Annual General Meeting 9 th May 2008

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  1. Moma Titanium Minerals Project Michael Carvill Kenmare Annual General Meeting 9th May 2008

  2. Overview of Kenmare Moma Mine Export

  3. Time Line for Handover of Mine 1st Shipment MSP Handover Roaster Sheduled Handover Scheduled Handover Dredgers & WCP Handover Barge Handover Jan Jun 2007 2008 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

  4. So We Started Dredging… Dredged over 5 Million Tonnes To Date

  5. Wet Concentrator Working Well…

  6. Mineral Separation Plant .

  7. Finished Product Storage 18,000t Awaiting Export

  8. Bronagh J Operating Well Loaded 7 Ships To Date

  9. Sheltered deep water off Caldeira Island Loaded 7 Ships To Date

  10. Bronagh J Offloading to Customer Ship

  11. Safety Statistics

  12. Environmental Review 2003, the Design and Framework EMP was approved by MICOA 2005 revised to focus on Construction Activities, approved by MICOA 2007 revised to focus on Operational activities, approved by MICOA Internal and External Audits confirm environmental impact minimised and in line with approved plans Mtiticoma Resettlement Completed May 2007

  13. KMAD: Achievements and Outlook

  14. But It Has Not Been Easy… Fixed Price Contract MULTIPLEX Technical Issues Most Issues Have Been Resolved

  15. Faulty Screens Limit Current Production New, Redesigned Screens Installed: 140tph

  16. Ilmenite Production Forecast 2008 Actual Plan 2008 80.0 70.0 60.0 50.0 000s t/month 40.0 30.0 20.0 10.0 - Jan- Aug- Nov- Dec- Feb- Mar- Sep- Apr- May- Jun- Jul- Sep- Oct- Aug- Oct- Nov- Dec- 07 08 08 08 07 07 07 07 08 08 08 08 08 08 08 08 08

  17. Zircon Production Forecast 2008 6.0 5.0 2008 Plan 4.0 000s t/month 3.0 2.0 1.0 - Jan- Feb- Mar- Apr- May- Jun- Jul- Sep- Nov- Dec- Aug- Oct- 08 08 08 08 08 08 08 08 08 08 08 08

  18. Current Market - Pigment • Global Growth in 2007 of 3% to 3.5% • Indian & Russian Pigment Growth Accelerating • IBMA Forecast 3.2% CAGR Pigment Growth to 2015 • 3 Price Increases in Past 6 Months

  19. Current Market – TiO2 Feedstocks All TiO2 Feedstocks Were in Deficit in 2007 SP Ilmenite Price Increased by at Least 10% in 2007 SP Ilmenite for China ~ US$130 P/t FOB Reduced SP Ilmenite Supply - Sustained Upward Price Pressure Strong Demand for CP Ilmenite from Dupont and Ilmenite Upgraders - Ilmenite Production Declines Strong Support From TiO2 Feedstock End Users for Moma Expansion

  20. Current Market – Zircon Market Zircon Is Entering a Period of More Balanced Supply/demand –Moderate Surplus Expected in 2008 Kalimantan Entered the Market Late in 2006 -Artisan Mining of Tailings – Uncertainty Over Sustainability Zircon Demand Growth Outlook Remains Strong – 4.3% CAGR to 2015 Ceramics, Zirconia and Chemicals Remain the Growth Drivers

  21. Update on Nataka Resource Recent mineralogy testing has shown that part of the Nataka resource contains high-Ti ilmenite (above 55% TiO2).

  22. Expansion Rationale Kenmare Moma Product Pre-Sales at Fixed Price Need Additional Production to Sell at Increased Price Vast Reserve Available Reduce Cost per Tonne – Eliminate One Drying Stage Maximize Utilization of Existing Assets

  23. Expansion Plan Operate Both Dredges At Nameplate Capacity – 2,500tph Modify WCP – Spirals Reconfigured Build WHIMS Circuit – Separate Non-mags. Before Drying Testwork Underway in Australia

  24. The Way Forward… One of the Largest Titanium Deposits in the World Bottom of Production Cost Curve In Production Significant Co-product Revenue Substantial Additional Resources First Expansion in Detailed Design

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