Friday, July 19, 2024

Kenmare Resources obtains financing of 200 million dollars from the Rand Merchant Ban

Kenmare Resources, the operator of the Moma titanium minerals mine in northern Mozambique, recently announced that it has obtained a 200 million dollar financing package from Rand Merchant Bank (RMB). This credit facility aims to refinance a maturing revolving credit facility and a five-year term loan facility, providing Kenmare with the financial flexibility needed for its strategic objectives.

RMB acted as the Initial Mandated Lead Arranger (IMLA) on the deal, as well as being one of the lender banks, demonstrating a solid understanding of Kenmare’s strategic priorities.

With a proven track record in executing growth and business improvement projects, Kenmare has invested significantly in the Moma mine over the years. This investment has not only strengthened the company’s position in the market, but has also contributed positively to the local economy, being the largest employer in Nampula province and contributing more than 200 million dollars in taxes and royalties.

In addition, Kenmare has played an active role in community development through the Kenmare Moma Development Association (KMAD), implementing development programs with significant investment to date.

The transaction not only represents a milestone for Kenmare Resources, but also highlights RMB’s commitment to the resources sector in Africa.

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