• London
  • Vancouver
  • Camana Bay

US$441mTransaction amount

Amulsar Gold Project / Lydian International

Structure and arrangement of project financing for the construction of the Amulsar Gold Project in Armenia.

Background

Endeavour advised Lydian International on the financing of the US$441 million Amulsar Gold Project in Armenia. The project was the largest greenfield mining project finance in Armenia.

Comprehensive role advising the project sponsor including:
  • Development of a multi-sourced financing plan and contractual structure
  • Financial modelling, term sheet and documentation negotiations
  • Supporting the company with the conditions precedent to achieve drawdown of multiple tranches of finance

Key Contacts

George Pyper

Managing Director


Paul Mainwaring

Associate Director


Challenges

  • Junior company sponsorship and low market capitalisation versus capital requirement
  • Perception of a challenging jurisdiction with limited country appetite amongst traditional lending institutions
  • Occurred during a general contraction in the lending markets for junior mining finance

Solutions

  • Parallel competitive financing track progressed with conventional lenders and alternative providers
  • Completion of due-diligence materials ahead of time; presentation of a financing package
  • Staged financing of precious metals stream facility, equity, senior debt and equipment financing
  • Involvement of export credit agencies, local banks and PRI providers to mitigate country risk

Case Studies

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Marathon Palladium-Copper Project / Generation Mining

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Fenix Gold Project / Rio2 Limited

Fenix Gold Project in the Atacama Region of Chile

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Amulsar Gold Project / Lydian International

Structure and arrangement of project financing for the construction of the Amulsar Gold Project in Armenia.

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Empress Royalty

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Voskhod Chromite Project / Oriel Resources

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