Amulsar Gold Project / Lydian International

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

US$441m

Transaction Amount

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
  • 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
  • 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

Key Contact

George Pyper

Director


Paul Mainwaring

Vice President