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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

Moma Titanium Minerals Project

Michael Carvill

Kenmare Annual General Meeting

9th May 2008

slide3

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

slide4

So We Started Dredging…

Dredged over 5 Million Tonnes To Date

slide7

Finished Product Storage

18,000t Awaiting Export

slide8

Bronagh J Operating Well

Loaded 7 Ships To Date

slide12

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

slide14

But It Has Not Been Easy…

Fixed Price Contract

MULTIPLEX

Technical Issues

Most Issues Have Been Resolved

slide15

Faulty Screens Limit Current Production

New, Redesigned Screens Installed: 140tph

slide16

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

slide17

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

current market pigment
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
slide19

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

slide20

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

update on nataka resource
Update on Nataka Resource

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

slide22

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

slide23

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

slide24

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