July 2011

Martabe project cost increase met by share issue 29 July 2011

Hong Kong-listed G-Resources has raised HK$1.69 billion ($217 million) from the sale of new shares to meet a 30% increase, to $576 million, in estimated development costs at its Martabe gold and silver mining project in Indonesia.

Formation raises Idaho Cobalt L/Cs 29 July 2011

Formation Metals has raised a $79.5 million commitment from BNP Paribas for the financing of its Idaho Cobalt Project (ICP).

Sandfire raises DeGrussa short term facility 28 July 2011

Sandfire Resources has raised a short term A$75 million ($82.6 million) debt facility - repayable in December 2011 - from ANZ Bank for its A$400 million DeGrussa copper and gold project in Western Australia

Finders mandates banks for Wetar 28 July 2011

Finders Resources has mandated Barclays Capital, Credit Suisse and Standard Bank to arrange $138 million of debt for its Wetar copper project, in Indonesia

Kwale debt raised 27 July 2011

Mineral sands developer Base Resources has raised $170 million in syndicated debt to back the $256 million development of its Kwale mine project in Kenya

Passendro Gold out to banks 25 July 2011

Standard Bank has been mandated to arrange and underwrite a $330 million debt package to help develop junior mining company Axmin’s Passendro gold project in the Central African Republic.

Options with futures 24 July 2011

Mine developers are blessed with higher commodities prices but are also struggling with higher construction and operations costs. Strong Asian commodities demand and active ECA support are keeping the sector on the boil, though bank underwriting appetite is still limited. By Robin Sayles.

Glencore buys Mina Justa stake from CST 18 July 2011

Commodities trader Glencore has signed an agreement to buy a 70% stake in the holding company for the Mina Justa copper project

Jindal refinances Shadeed bridge loan 18 July 2011

Jindal Steel & Power has launched a $475 million loan into general syndication. The deal refinances a bridge loan arranged by BNP Paribas and Standard Chartered in June 2010 that enabled Jindal to acquire Shadeed Iron & Steel in Oman

Ma’aden mine and refinery four times oversubscribed 13 July 2011

Banks signed commitment letters on the debt for Ma’aden and Alcoa’s $3.6 billion bauxite mine and alumina refinery

MMX mandates on Serra Azul expansion 12 July 2011

Brazilian listed mining company MMX has mandated Itau BBA and WestLB as financial advisers on the structuring of a $1.8 billion debt financing

Lonmin restructures debt 07 July 2011

In a bid to facilitate its target of 950,000 ounces of platinum production per year by 2015, Lonmin has restructured its existing $875 million bank debt with $1 billion of new funding

Canada Fluorspar brings in equity for St Lawrence 07 July 2011

Canada Fluorspar has brought in a C$15.5 ($16 million) million equity investment from French chemicals producer Arkema to finance its St Lawrence fluorspar project in Canada.

International Minerals rejects Chinese solution on Ecuador slate 01 July 2011

International Minerals has ended an agreement that would involve a Chinese construction contractor and Chinese lenders in its Rio Blanco and Gaby gold projects