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November 2011
The government of Guyana has awarded a 20-year mining licence to Guyana Goldfields for the development of its Aurora gold mine
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Peruvian mining company Compañía Minera Milpo has closed a $130 million three-year loan with two banks
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There has been persistent scepticism about the Equator Principles’ ability to encourage best practice at participating banks. But evidence from the mining industry is that they are changing sponsor behaviour. By Christopher Langdon and Claudia O’Brien, partners, Latham & Watkins.
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Maaden and Alcoa have signed a SR3.75 billion ($1 billion) 16-year loan (repayments start 2017) with Saudi's Public Investment Fund (PIF) for the $3.5 billion 2a and 2b phases of their $11 billion vertically integrated aluminium complex project in Saudi Arabia.
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National Mining Co (NMC) and London Mining have signed a $10 million FEED contract with STX for the 5mtpa Wadi Sawawin mine and pellet project in Saudi
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Base Resources has signed the $170 million project debt facility for its Kwale Sands titanium project in Kenya, after raising commitments in July.
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Ksure, Euler Hermes and Serv have issued their guarantees for the $373 million project facility lead arranged by Societe Generale and BNP Paribas for United Steel Company's (SULB) new plant in Bahrain.
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Northam Platinum has raised a five-year R1 billion ($125 million) bilateral revolving credit from Nedbank to back development of the Booysendal mine
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Junior mining company African Eagle Resources, is looking to raise equity funding for the £13 million ($20.5 million) cost of a feasibility and trial studies at its Dutwa nickel property
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European Nickel has closed on the $40 million sale of its Caldag project in Turkey to Oremine Madencilik.
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Canadian-listed developer has closed a C$1.638 million ($1.6 million) equity placement to fund the development of its Sampleu nickel mine in Ivory Coast
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Ivanhoe Mines and Rio Tinto plan to sign the loan documentation for the $4 billion debt financing for their Oyu Tolgoi copper-gold project in the first quarter of 2012.
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Mutiny Gold has raised an A$11 million ($11.06 million) mezzanine loan, along with a 50,000 gold ounce hedging facility, from Credit Suisse to fund finalisation of a feasibility study
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Beadell Resources has met conditions precedent on its $90 million Tucano gold mine project debt facility from Macquarie, and completed first drawdown of $30 million.
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Suek has signed a $1.3 billion five year pre-export financing despite the widening margins on offer for emerging market borrowers.
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Swiss-based mining group Xstrata has priced a $3 billion bond issue to refinance existing debt and for general corporate purposes.
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African Minerals has closed a $100 million subordinated standby facility with Standard Bank for its Tonkolili iron ore project
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Largo Resources has received a provisional commitment letter from Brazil's national development bank, BNDES
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Lithium-potash mine developer Orocobre hopes to close a debt facility backed by the Japan Oil, Gas and Metals National Corporation for its flagship Olaroz project
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Indonesian conglomerate Bakrie Group has sold an effective 23.8% stake in Bumi Resources to Borneo Lumbung