DEALS

Economic growth that
supports local communities

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We are pleased to have acted as joint Mandated Lead Arranger and transactional banker for Kenmare Resources' USD200m expansion facility.

Kenmare Resources Plc (“Kenmare”) is an Irish-incorporated company with a listing on the London Stock Exchange and Euronext in Dublin. Kenmare is one of the world’s largest producers of mineral sands products, accounting for 7% of global titanium feedstocks and supplying a diverse customer base operating in over 15 countries. The company’s principal activity is the operation of the Moma Titanium Minerals Mine on the northern central coast of Mozambique.

The expansion facility provided will enable Kenmare to transition into the Nataka orebody which they will be mining for the next 100 years. This will allow them to increase their production significantly and continue mining in the remote Namalope province. Kenmare is one of the biggest employers in the province and remains one of the top taxpayers in Mozambique. The company uses 100% renewable energy for its mine and has established a clear carbon emissions reductions plan, which includes an ambition to become Net Zero (Scope 1 &. 2) by 2040 and a short-term target of 12% emissions reduction by 2024. The proposed transaction is in line with Absa’s Mining and Metals Financing Group Standard and aligns with Absa’s commitment to supporting our clients in minimising their environmental impact and transitioning their businesses.

We are excited to be supporting Kenmare in their evolution from a greenfield mine to a fully-fledged mining corporate. This transaction underscores Absa’s long-standing commitment spanning over two decades to Kenmare and the community in which it operates. Our enthusiasm is not just for the imminent transition into the Nataka orebody, but more importantly for the transformative developmental programs aimed at positively shaping the lives of many in Namalope.

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