Exploration group Kenmare Resources is seeking to raise $160 million (€180 million) in debt and equity to finance production at its Moma titanium project in Northern Mozambique. Moma is one of two licences held by Kenmare in Mozambique, but the other project is essentially dormant, as are Irish licences in Donegal.

The quest for funding comes as Kenmare posts a pre-tax loss of £951,092 for the first half of this year, up 169 per cent on the same period in 2000.

The loss was largely the reflection of rising operating expenses, which increased by 175 per cent to £1.03 million over the same period.