Mayer Brown advises on $88m debt financing for Liberian gold project
18 December 2013
London - Leading global law firm Mayer Brown has advised Nedbank Capital and Rand Merchant Bank on the $88million senior debt facility made available to Aureus Mining in relation to the New Liberty gold project, Liberia’s first gold producing mine. This financing transaction won the Development Funding Deal of the Year Award at Mines & Money Conference in London on 4 December 2013.
The $140 million New Liberty Gold Project, which is expected to have an eight-year mine life, is located within Aureus’ Bea Mountain mining license in northwestern Liberia. The gold deposit has an estimated reserve of 2.7 million ounces of gold, which is expected to start producing in March 2015.
Ian Coles, Global head of Mining at Mayer Brown, said: "We are delighted to have acted for Nedbank capital and Rand Merchant Bank in what is an important step for the New Liberty gold project.”
The team was led by Ian Coles, Global head of Mining and included Construction - partner Jonathan Hosie, senior associate Tamsin Travers and associate Peter Parten and Banking & Finance - senior associate Danuta Rychlicka and associate Lara Pearce.