Michael Carvill

Kenmare Annual General Meeting

9th May 2008

Moma Titanium Minerals ProjectMoma Titanium Minerals Project

Overview of Kenmare Moma Mine Overview of Kenmare Moma Mine

ExportExport

Time Line for Handover of Mine Time Line for Handover of Mine

JanJan FebFeb MarMar AprApr MayMay JunJun JulJul AugAug SepSep OctOct NovNov DecDec

ScheduledHandover

Dredgers & WCPHandover

MSPHandover

20072007

1st Shipment

BargeHandover

JanJan JunJun

RoasterSheduledHandover

20082008

So We Started Dredging…So We Started Dredging…

Dredged over 5 Million Tonnes To DateDredged over 5 Million Tonnes To Date

Wet Concentrator Working Well…Wet Concentrator Working Well…

Mineral Separation PlantMineral Separation Plant

..

Finished Product StorageFinished Product Storage

18,000t Awaiting Export

18,000t Awaiting Export

Bronagh J Operating WellBronagh J Operating Well

Loaded 7 Ships To Date

Sheltered deep water off Caldeira IslandSheltered deep water off Caldeira Island

Loaded 7 Ships To Date

Bronagh J Offloading to Customer ShipBronagh J Offloading to Customer Ship

Safety StatisticsSafety Statistics

YEAR 2007

Man-hours worked 684,508

Lost time Injuries (LTI) 0

LTIFR 0

Malaria Cases 342

Reportable environmental incidents 0

Minor injuries 39

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

Environmental ReviewEnvironmental Review

KMAD: Achievements and OutlookKMAD: Achievements and Outlook

Achievements Outlook Created a wide range of development projects Used benefits of the mine to create secondary economic opportunities within local communities Established a dialogue with local communities to increase ownership of projects

New projects - Sewing project - Broiler project (Abattoir) - Fishery Improve impact and create institutions within communities Social ‘engineering’ Increasingly important role for KMAD with fewer employment opportunities at the mine

Technical IssuesTechnical Issues

But It Has Not Been Easy…But It Has Not Been Easy…

MULTIPLEXFixed Price ContractFixed Price Contract

Most Issues Have Been Resolved

Faulty Screens Limit Current ProductionFaulty Screens Limit Current Production

New, Redesigned Screens Installed: 140tph

Ilmenite Production Forecast 2008Ilmenite Production Forecast 2008

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

Aug-07

Sep-07

Oct-07

Nov-

07

Dec-

07

Jan-

08

Feb-08

Mar-

08Apr-08

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

000

s t/

mo

nth

Actual

Plan 2008

Zircon Production Forecast 2008Zircon Production Forecast 2008

-

1.0

2.0

3.0

4.0

5.0

6.0

Jan-

08

Feb-

08

Mar-

08Apr-

08

May-

08

Jun-

08

Jul-

08

Aug-

08

Sep-

08

Oct-

08

Nov-

08

00

0s

t/m

on

th

2008 Plan

Dec-

08

Current Market - PigmentCurrent 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

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

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

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

Current Market – TiO2 Feedstocks Current Market – TiO2 Feedstocks

 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

 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

Current Market – Zircon MarketCurrent Market – Zircon Market

Update on Nataka ResourceUpdate on Nataka Resource

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

Expansion RationaleExpansion Rationale

Kenmare Moma Product Pre-Sales at Fixed PriceKenmare Moma Product Pre-Sales at Fixed Price

Need Additional Production to Sell at Increased PriceNeed Additional Production to Sell at Increased Price

Vast Reserve AvailableVast Reserve Available

Reduce Cost per Tonne – Eliminate One Drying StageReduce Cost per Tonne – Eliminate One Drying Stage

Maximize Utilization of Existing Assets Maximize Utilization of Existing Assets

Expansion PlanExpansion Plan

Operate Both Dredges At Nameplate Capacity – Operate Both Dredges At Nameplate Capacity – 2,500tph2,500tph

Modify WCP – Spirals ReconfiguredModify WCP – Spirals Reconfigured

Build WHIMS Circuit – Separate Non-mags. Before Build WHIMS Circuit – Separate Non-mags. Before DryingDrying

Testwork Underway in AustraliaTestwork Underway in Australia

The Way Forward…The Way Forward…

One of the Largest Titanium Deposits in the WorldOne of the Largest Titanium Deposits in the World

Bottom of Production Cost CurveBottom of Production Cost Curve

In Production In Production

Significant Co-product RevenueSignificant Co-product Revenue

Substantial Additional ResourcesSubstantial Additional Resources

First Expansion in Detailed DesignFirst Expansion in Detailed Design