Kenmare restructures financing of Mozambique mine

14th Feb 2014 09:25

Titanium miner Kenmare Resources has struck a deal with lenders to restructure the finances of its flagship Moma mine in Mozambique.Kenmare said the agreement removes an obligation to repay all deferred subordinated debt by August 1st 2015 and reschedules all such debt unpaid as of July 31st 2015.The restructuring should allow the project companies to service the project debt sustainably and in due course to pay it off more quickly from available cash while making distributions to Kenmare, it said.Managing Director Michael Carvill said: "We are extremely pleased to have concluded this milestone restructuring with the co-operation of the project lenders. This restructuring better aligns the terms of the project financing with the projected cash flows of the Moma mine."Shares in Kenmare rose 0.9p or 5.8% to 16.9p at 09.28 in London.PW