Irish mining firm Kenmare Resources shares up 29% on debt deal

Shares in Irish mining firm Kenmare Resources surged nearly 29% yesterday on the back of it copperfastening a deal that will slash its debt by over $200m (€258m).

The Dublin-based firm – which owns and operates the Moma titanium mine in Mozambique – announced yesterday its chief lenders have approved its debt restructuring plan, which will, at the very least, see its debt mountain shrink from $330m to no more than $100m.

The plan sees Kenmare raising between $275m and $368m in total.