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October 2007
Antofagasta Minerals has awarded Aker Kvaerner Metals the EPC contract for the Esperanza copper-gold project in northern Chile
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The $4 billion Emirates Aluminium (Emal) project is scheduled to be financed before 2008, with an expected $2 billion bond scheduled to be launched to market on 10 December.
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The $2 billion project finance tranche of the $4 billion Emirates Aluminium (Emal) project is being pitched to banks.
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The Qasco financing has been abandoned by Qatar Petroleum due to a combination of patchy market appetite and failure to involve enough lead arrangers.
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JSW Steel's $965 million fully underwritten acquisition loan - backing the buy-out of Jindal United Steel, Saw Pipes USA and Jindal Enterprises - is out to the bank market
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Zaruma resources has closed a $22 million debt financing with Glencore Resources for the Luz del Cobre copper project.
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Alexander Mining has named Standard Bank the arranger and underwriter for the financing of its Leon copper project in Argentina.
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The Asia Development Bank is currently performing due diligence on a $300 million financing package for the Phulbari coal project in Bangladesh.
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Nikanor has appointed Citi and Standard Chartered to jointly structure and arrange an expected $800 million project financing for its KOV mine rehabilitation project in Congo.
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IFC is increasing its investment in Rio Tinto's Simandou iron ore project in Guinea to continue funding exploration and feasibility studies
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JSW Steel acquisition facility out
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Delays to Congo's review of mining concessions is holding up project development. But in the long term, more transparency and the potential economic and political stability spawned by profits from Congo's mining sector should make for a more bankable project market. By Marcus Bensasson
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Despite escalating capex reaching almost 160% of the original forecast, construction is about to begin on the world's largest aluminium smelter to be built in a single phase – Qatalum.
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Project margins are going up – but is the liquidity crunch spawned by US subprime defaults merely the excuse for, rather than the cause of, a necessary price and risk correction in the project market. And if so, how far will that correction go? By Paul Smith.