Kenmare Resources restructures $160m debt

Shares in mining firm Kenmare Resources shot up by over 6% yesterday on the back of the company completing the refinancing of an overhanging debt mountain of $160m (€117m), originally due for repayment next year.

The successful restructuring of project financing for Kenmare’s Moma titanium mine in Mozambique removes the need for the Dublin-based company to pay all deferred subordinated debt to its lenders by August 1, 2015 and reschedules such debt which is unpaid as of the end of July next year.

As of the end of 2013, Kenmare’s total subordinated debt amounted to $247.3m, with total senior debt standing at $94.6m.