KENMARE Resources, which has reported encouraging drilling for gold in Mozambique, incurred a pre-tax loss of £676,007 in the year to December 31st, 1995. This is well up on the loss of £42,317 in 1994. The loss per share went up from 0.06p to 0.59p.

Kenmare said there had been "substantial progress" on its two Niassa gold licences in Mozambique. A number of mineralised targets had been identified. It had completed 13 holes in OD-1 zone with an indication of 200,000 ounces of gold. Drilling was continuing.

BHP's drilling at Kenmare's Congolone licence was described as very successful with an estimated yield of 535 million tonnes of ore grading 4.1 per cent ilmenite. Kenmare said that Congolone was now one of the world's most valuable undeveloped titanium resources.