• London
  • Vancouver
  • Camana Bay

US$120mTransaction amount

Voskhod Chromite Project / Oriel Resources

Structure and arrangement of project financing for the Voskhod Chromite mine in Kazakhstan.

Background

Voskhod was the first project financing in Kazakhstan without PRI, the first ever chromite mine project financing and the first ever project finance using Eurasia Development Bank as a lender. We also advised on the acquisition of IPH Polychrom Holdings, a company building a ferrochrome smelter in Russia.

Key Contacts

Paul Mainwaring

Associate Director


Challenges

  • Junior sponsorship
  • Country perception
  • Market/offtake risk on chromite lump and fines products
  • Underground mining

Solutions

  • Financing plan designed to address lender concerns as to sponsor size and creditworthiness – Contingency; cost overrun facilities; equity in first
  • Project implementation plan designed to address lender concerns – Strong management team and contractors selected; penalties and incentives incorporated into key contracts
  • Long term offtake contracts agreed with ferrochrome smelters and marketing study provided comfort on market risk
  • Provision of consultant experts to “hand-hold” the lenders: technical,
    social/environmental, legal, insurance,
  • Use of EDB as a Lender provided soft comfort to Lenders on country concerns

Case Studies

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Compagnie de Miniére du Bafing / CoreX Holding

Compagnie de Miniére du Bafing Project in Côte d’Ivoire

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Marathon Palladium-Copper Project / Generation Mining

Marathon Palladium-Copper Project, a large undeveloped Cu-PGM mineral deposit in Northwestern Ontario

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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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Araguaia Nickel Project / Horizonte Minerals Plc

Araguaia Nickel Project is a development stage, long-life, high grade, scalable ferronickel project located south of the Carajas mining district in the Brazilian state of Pará.

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Aurizona Gold Project / Equinox Gold

Structure and arrangement of project financing for the construction of the Aurizona Gold Project in Brazil.

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Aurora Gold Project / Guyana Goldfields

Structure and arrangement of project financing for the construction of the Aurora Gold Project in Guyana, South America.

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Bisha Gold Project / Nevsun Resources

Structure and arrangement of project financing for the Bisha gold-copper mine in Eritrea.

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Boleo Copper Project / Baja Mining

Structure and arrangement of project, equipment & offtaker financing for the development of the Boleo copper mine in Mexico.

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Dannemora Iron Ore Project / Dannemora Mineral AB

Structure and arrangement of secured bond financing and leasing facilities for the Dannemora iron ore project in Sweden.

Empress Royalty

Empress is a new royalty and streaming investment company listed on the Toronto Stock Exchange (CVE: EMPR).

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Fruta Del Norte / Lundin Gold

Structure and arrangement of project financing for the construction of the Fruta del Norte Project in Ecuador.

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Kwale Mineral Sands Project / Base Resources

Endeavour advised Base Resources on the project financing of the Kwale Mineral Sands Project in Kenya.

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Kupol Gold Project / Bema Gold

Structure and arrangement of project financing for the development of the Kupol gold mine in Russia.

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Madsen Gold Project / Pure Gold

Endeavour advised Pure Gold on the US$95 million financing of the Madsen Gold Mine in Ontario, Canada.

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Quebec Lithium Project / Canada Lithium

Structure and arrangement of project financing for the Quebec Lithium Project in Quebec.

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Rosemont Copper Project / Augusta Resource Corporation

Structure and arrangement of project, by-product stream & offtaker financing for the development of the Rosemont copper mine in USA.

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Voskhod Chromite Project / Oriel Resources

Structure and arrangement of project financing for the Voskhod Chromite mine in Kazakhstan.