Titanium minerals and zircon producer Kenmare Resources has completed the execution and initial drawdown process in relation to a recently announced $200-million revolving credit facility (RCF).
The RCF was provided by financial institutions Absa, Nedbank, FirstRand Bank and Standard Bank.
Following a 30-day consideration period by the Mozambican Ministry of Mineral Resources and Energy, final documentation has been signed and first funds disbursed on March 11.
The previous term loan and revolving credit facility put in place in December 2019 have been repaid in full.
Kenmare, which operates the Moma titanium minerals mine in northern Mozambique, announced last month that it had received commitments for the 200-million RCF.
At the time, it said the new facility would provide the group with additional financial flexibility as a result of the extended maturity profile, revolving structure and increased quantum.