https://www.engineeringnews.co.za
Energy|Financial|Resources|SECURITY
Energy|Financial|Resources|SECURITY
energy|financial|resources|security

Kenmare receives commitments for new $200m credit facility

An image showing the Moma titanium minerals mine in northern Mozambique

The Moma titanium minerals mine

6th February 2024

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

Font size: - +

London-listed Kenmare Resources, which operates the Moma titanium minerals mine in northern Mozambique, has received commitments in respect of a new $200-million revolving credit facility (RCF).

“The new $200-million RCF supports our planned capital programmes in the coming years. It removes the amortising payments of the existing term loan, while increasing the size of available facilities and extending the maturity profile from 2025 to 2029.

“The new facilities continue our strong relationship with existing lenders and provide enhanced financial flexibility through the revolving credit structure and committed five-year term,” says FD Tom Hickey.

The $200-million RCF has been provided by Absa, Nedbank Corporate and Investment Banking, Rand Merchant Bank (RMB) and Standard Bank.

The initial mandated lead arranger in respect of the facility is RMB.

The new facility will provide the group with additional financial flexibility as a result of the extended maturity profile, revolving structure and increased quantum.

Availability of the new debt facility is subject to the execution of definitive documentation and the satisfaction of customary conditions precedent.

The new debt facility will comprise a $200-million RCF with a committed five-year term. The facility will replace the existing corporate debt facilities that were put in place in 2019, of which $47-million of term loan remains outstanding.

The lenders will share a security package for a $50-million mine closure guarantee facility – up from $40-million under the existing facility.

Signing, closing and initial drawdown are expected to occur in March, following a 30-day consideration period by the Mozambican Ministry of Mineral Resources and Energy. 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Environmental Assurance (Pty) Ltd.
Environmental Assurance (Pty) Ltd.

ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...

VISIT SHOWROOM 
AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.251 0.306s - 158pq - 2rq
Subscribe Now