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Tue 21 Jun 2016 02:00 PM

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Oman's state fund invests $100m in Irish mining company

Kenmare Resources announces major investment by State General Reserve Fund of Oman

Oman's state fund invests $100m in Irish mining company

Irish mining company Kenmare Resources has announced that Oman's state fund has agreed to invest $100 million.

Kenmare, based in Dublin, said in a statement that the State General Reserve Fund of Oman (SGRF) has, through its subsidiary African Acquisition Sarl, signed an agreement for the investment. 

The company also said it will raise $275 million, including the $100 million from SGRF, in new equity of which $200 million will be used to pay down debt.

Kenmare is one of the leading global producers of titanium minerals and zircon and it operates the Moma Titanium Minerals Mine in Mozambique.

Michael Carvill, the company's managing director, said it was pleased that it had signed the deal with SGRF, adding that he is encouraged by the level of interest shown by a broad range of investors in the capital raise.

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