Kenmare Resources to raise €162m as suitor Iluka pulls out

Kenmare Resources is aiming to raise $175m (€162m) in order to make a significant dent in a debt mountain currently measured at nearly $330m.

The Dublin-based mining firm, which owns the Moma Titanium mine in Mozambique, yesterday announced an agreement in principle for a $100m investment from Oman’s sovereign wealth fund, the State General Reserve Fund.

While Kenmare has no urgent repayment deadline looming with its lenders — which are mainly development finance institutions — it is under pressure to present a deleveraging plan by the end of January.