Kenmare Resources (KMR)

Sector:

Mining

Index:

FTSE Small Cap

295.00p
   
  • Change Today:
      5.00p
  • 52 Week High: 305.00
  • 52 Week Low: 169.00
  • Currency: UK Pounds
  • Shares Issued: 109.74m
  • Volume: 25,941
  • Market Cap: £323.72m
  • RiskGrade: 196

Kenmare agrees $150m in new debt facilities

By Josh White

Date: Wednesday 11 Dec 2019

LONDON (ShareCast) - (Sharecast News) - Titanium minerals and zircon producer Kenmare Resources announced the signing of debt facilities with Absa Bank, the Emerging Africa Infrastructure Fund, Nedbank, Rand Merchant Bank and Standard Bank Group on Wednesday, with Rothschild acting as its financial adviser.
The London-listed firm said the new debt facilities comprised a $110m term loan facility and a $40m revolving credit facility.

It said they would be used in part to repay in full the existing senior and subordinated project loans, of which $64m was outstanding, and for working capital purposes.

The new debt facilities also provided for a future mine closure guarantee facility of up to $40m, sharing in security.

"The new facilities will support the continued growth of our business as well as extending the maturity profile of our debt beyond the current short period of increased capital expenditure," said Kenmare's finance director Tony McCluskey.

"It is also particularly pleasing to replace the existing project loans with much more flexible corporate facilities, underlining the company's progress into a leading global mineral sands producer."

McCluskey said the firm's planned increase in production volumes by more than 20% from 2021 would enable it to expand its product margins and position it in the first quartile of the industry revenue to cost curve, as well as to deliver increased cash flow stability.

"The original debt facilities were provided on terms that supported the building of the Moma Mine.

"However, given the strength of core cash flows being generated by the Moma Mine, the facilities provided by the new lender group, which includes both new and existing lenders, provide additional financial flexibility and are more suitable for Kenmare's position as an established producer."

At 1306 GMT, shares in Kenmare Resources were up 1.36% at 223p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

KMR Market Data

Currency UK Pounds
Share Price 295.00p
Change Today 5.00p
% Change 1.72 %
52 Week High 305.00
52 Week Low 169.00
Volume 25,941
Shares Issued 109.74m
Market Cap £323.72m
RiskGrade 196

KMR Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
68.13% above the market average68.13% above the market average68.13% above the market average68.13% above the market average68.13% above the market average
29.73% above the sector average29.73% above the sector average29.73% above the sector average29.73% above the sector average29.73% above the sector average
Price Trend
74.64% above the market average74.64% above the market average74.64% above the market average74.64% above the market average74.64% above the market average
24.80% above the sector average24.80% above the sector average24.80% above the sector average24.80% above the sector average24.80% above the sector average
Income
46.51% above the market average46.51% above the market average46.51% above the market average46.51% above the market average46.51% above the market average
54.55% below the sector average54.55% below the sector average54.55% below the sector average54.55% below the sector average54.55% below the sector average
Growth
73.94% above the market average73.94% above the market average73.94% above the market average73.94% above the market average73.94% above the market average
52.54% above the sector average52.54% above the sector average52.54% above the sector average52.54% above the sector average52.54% above the sector average

What The Brokers Say

Strong Buy 4
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 4
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

KMR Dividends

  Latest Previous
  Interim Final
Ex-Div 24-Sep-20 16-Apr-20
Paid 23-Oct-20 19-May-20
Amount 2.31¢ 5.52¢

Trades for 23-Nov-2020

Time Volume / Share Price
12:50 73,815 @ 297.00p
16:35 2,105 @ 295.00p
16:29 252 @ 291.39p
16:29 400 @ 293.00p
16:25 94 @ 292.00p

KMR Key Personnel

Finance Director Tony McCluskey

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