Irish mining firm Kenmare Resources has budget deadline extended

Irish mining firm Kenmare Resources has secured a one month extension to its deadline for ongoing debt restructuring talks.

The Dublin-based company — whose chief asset is the Moma titanium mine in Mozambique — made the announcement yesterday in tandem with a positive trading update in which it said that it expects to see further production growth during 2015.

In essence, Kenmare’s lenders have granted the company a four-week extension — to the end of February — in which to deliver its budget for 2015, something which the firm agreed to do on an annual basis, as an element of a previous debt arrangement.