Investec Bank Australia has shown there are still a few risk-takers left in the banking market by taking over the funding of failed Queensland base metals miner Kagara Ltd.Kagara went into administration at the end of April, when Taylor Woodings was appointed as voluntary administrator.The company has been hit by depressed base metal prices and reported a loss of A$48.9 million for the December half-year.Its financial report said its ability to continue as a going concern was reliant upon cash flows from its finance facilities and the sale of non-core assets.Last week, the administrators announced that they had entered into a refinancing agreement with Investec. Under the agreement, Investec will replace the group's existing secured creditor, ANZ.The agreement provides for an immediate $3 million injection of funds, via a short-term working capital facility, and a $23 million bank guarantee facility.Investec's head of commodities and resources finance, Anthony Hawke, said he got interested in the situation because he knew the company and knew it had some good assets. He also knew Michael Ryan, one of the Taylor Woodings' administrators. Hawke said: "It is a very unusual deal, but we have done this sort of thing before. We understand insolvency situations."Our philosophy is that we don't want to dance to the same tune as everyone else. We saw an opportunity with appropriate risk and return."Hawke said the refinancing agreement was a standalone deal. "We did not attach any other services to it, but, to the extent we can, we will work with the administrator to bring value back to the company."