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Kenmare Resources plc (LSE:KMR) shares surged 38% today after the company rejected a £474 million takeover proposal from a consortium led by Oryx Global Partners and former managing director Michael Carvill, stating that the offer undervalued its business and future prospects. The consortium's proposal was pitched at 530 pence per share, but Kenmare, which operates the Moma Titanium Minerals Mine in Mozambique, said this failed to reflect the company's true value.