Kenmare Resources PLC has raised 179.6 million pounds. (270 million dollars) through a cut price share issuing to expand its Mozambique titanium dioxide (Tio_2) feedstock mine as it eyes a mineral shortage within two years. The Irish miner is looking to boost output from the Moma minsands mine, which produces ilmenite from 550-700,000 tpa, to 1.2m. tpa. The move, which saw an additional 1.5bn shares sold to institutional investors, has drawn criticism from some parts of the industry owing to depressed feedstock demand and that Kenmare are yet to reach its first production milestone of 800,000 tpa.
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