Titanium miner Kenmare Resources has agreed a new debt facility worth a combined $150m with a number of banks.
The new facility is made up of a $110m term loan facility and a $40m revolving credit facility.
The company operates the Moma Titanium Minerals Mine in northern Mozambique.
Kenmare said the facility will be used partly to repay in full its existing senior and subordinated project loans, of which $64m is outstanding, and for working capital purposes.
Kenmare's finance director Tony McCluskey said the new facilities will support the continued growth of the business as well as extending the maturity profile of its debt beyond the current short period of increased capital expenditure.
"It is also particularly pleasing to replace the existing project loans with a much more flexible corporate facility, underlining the company's progress into a leading global mineral sands producer, " Mr McCluskey said.
Kenmare plans to increase production volumes by more than 20% from 2021, which it said will enable it to expand its product margins.
"The original 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," Mr McCluskey said.
