London-listed Kenmare Resources, operator of the Moma titanium minerals mine, in northern Mozambique, has secured a funding package to refinance a maturing revolving credit facility (RCF) and a five-year term loan facility.

RMB, acting as the initial mandated lead arranger (IMLA) on the deal, as well as one of the lending banks, worked with Kenmare to structure the new five-year $200-million RCF.

The tailored facility will enable Kenmare to meet its strategic objectives efficiently, providing the financial flexibility to position the company for future growth.

Kenmare has invested more than $1.4-billion into the Moma mine since inception.

Its focus on environmental, social and governance has resulted in more than 90% of the electricity consumed being derived from low-cost hydroelectric power, RMB points out.

Having worked with Kenmare since 2019, RMB avers that it has developed a sound understanding of the company’s strategic priorities at both a corporate and project level, leading to a differentiated funding solution that allows the company to continue focussing on some of its core objectives.

These include the ability to operate both sustainably and responsibly, ensuring a strong balance sheet while allocating capital efficiently and delivering value to shareholders, and maintaining long-life, low-cost production by moving one of its processing plants to a new orebody that is expected to underpin production sustainably for decades.

“RMB’s commitment to expanding the resources sector in Africa, combined with our extensive knowledge and experience in Mozambique, played a crucial role in successfully securing this deal. 

“This transaction highlights our capability to orchestrate syndicated deals across the African continent, with a specific focus on the mining sector. It represents the culmination of thorough diligence and unwavering dedication to understanding our clients’ unique requirements,” says RMB resources sector focus lead Andre Lubbe.