JOHANNESBURG (miningweekly.com) – Titanium minerals producer Kenmare Resources has extended the date for delivery of a budget to April 30.
The company on Tuesday said its project lenders and banking firm Absa have made “substantial progress” towards agreeing the prinicipal terms of a further financing amendement for the company’s projects in Southern Africa.
Kenmare operates the Moma mine, in Mozambique, which produces ilmenite, rutile and zircon.
The financing amendment remained subject to the finalisation of terms, approval by each lender and their insurers and approval by the Irish Takeover Panel.
Kenmare envisaged that the deal would extend the maturity of the current facilities and substantially reduce fixed amortisation requirements in favour of a cash-sweep mechanism.
In conjunction with the financing amendment, project lenders were considering the provision of a new super-senior debt facility, which would rank ahead of existing debt, and might be drawn to service working capital and other requirements as necessary.