Kupol Gold Project / Bema Gold

Endeavour advised Bema Gold on the project financing of the Kupol gold mine in Russia. It was the third Endeavour-advised financing for Bema (Refugio; Julietta) and the largest mining project finance to date in Russia.

Comprehensive role advising the project sponsor including:
  • Developing financing plan, contractual structure
  • Financial modelling, term sheet and documentation negotiations
  • Negotiations with third party finance providers
  • US$150 million bridge finance during feasibility study
  • US$442 million project finance including equipment, DFI, IFC and commercial bank tranches
  • Government negotiations on contract
  • Junior sponsor issues
  • Country risk
  • Sponsor (Bema) only owned 75% of project
  • Co-ordination of multiple financing sources
  • Logistics and climate
  • Negotiated bridge financing from senior lead bank
  • IFC A-loan plus enhanced debt gearing through subordinated IFC C-loan
  • MIGA political risk cover for commercial lenders and sponsor equity
  • Separate negotiations with different lenders and other sources of finance based upon Endeavour term sheet
  • Logistics study, working capital analysis and early IE appointment to sign-off

Key Contact

David Rhodes

Managing Director