26th Feb 2015 11:01
LONDON (Alliance News) - Kenmare Resources PLC Thursday said it and its lenders are making progress on finding an agreement to provide additional financial stability to the company and remain supportive of the company.
Kenmare said the talks between it, its project lenders and Barclays PLC-owned Absa Bank Ltd includes the provision of a new liquidity line, which the company would be allowed to draw down to service working capital and other requirements as necessary.
"We appreciate the continued strong support that project lenders and Absa have shown to Kenmare and the Moma Mine during the current period of low product prices. We look forward to concluding the terms and announcing the final agreement in the coming weeks," said Kenmare Managing Director Michael Carvill.
Kenmare shares were up 4.5% to 3.887 pence Thursday, one of the best performers in the FTSE All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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