Accreditations & Awards

In recognition of Kenmare's achievement in arranging the largest structured finance package ever put together by a non-major mining company, it has received two awards, Deal of the Year 2004 Project Finance Magazine awards and a Mine Finance Award for 2004 from the Mining Journal.

The deal comprised a US$269 million loan agreement accompanied by the raising of US$97 million in equity. Kenmare's Moma financing received the award because of the highly complex nature of the deal.

This complexity was created by: the number of lenders, the involvement of export credit agencies, the location of the Project in Mozambique, the fact that titanium minerals aren't a hedged commodity and hence market risk cannot be hedged, and finally, Kenmare's size related to the size of the transaction.