Kenmare dividend delayed by debt

Kenmare Resources has identified 2013 as being a potential watershed year for the company as it focuses on getting to a position where it can start paying a dividend to shareholders.

However, the Dublin-headquartered mining company’s chairman, Justin Loasby, said yesterday that the company must meet some conditions of its financing agreements, including paying off the deferred portion, $96.5m (€74.11m), of the subordinated debt that helped with the original funding of the company’s Moma titanium mine in Mozambique.

“We are working towards achieving this objective as soon as possible,” he said.