We have reviewed our forecasts to reflect recent operational disruptions. We have reduced our FY13 and FY14 production forecasts by 10% and 5% respectively. Our cost estimates and underlying market outlook remains unchanged. Although we remain positive on Kenmare’s long term outlook, we will wait for evidence of both operational stability and sustained market recovery before reviewing our NEUTRAL recommendation. <p>

Link to the full report on the Merrion website: <p>

http://www.merrion-capital.com/wp-content/uploads/2013/12/Dec-2013-Update.pdf
<p><h5>Muna Muleya</h5>


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