Mayer Brown advises Wolf Minerals on £99.2 million equity fundraising for Hemerdon Tungsten-Tin Project
20 March 2014
London - Leading global law firm Mayer Brown has advised Wolf Minerals Limited on its equity fundraising to raise gross proceeds of approximately £99.2 million. The proceeds will be used to complete construction of the Hemerdon Tungsten and Tin mine and support the project through to positive cashflows.
On completion the project will be the first new metal mine in the UK in 45 years. Completion of the fundraising is conditional upon shareholder consent. Production at the Hemerdon project is expected to start in 2015 and will produce 3,450 tonnes of tungsten concentrate annually - equivalent to approximately 3.5 percent of global forecast demand.
The Hemerdon project won European Mining and Metals Deal of the Year at the Project Finance Deals of the Year Awards in 2013.
Rob Hamill, Corporate & Securities partner at Mayer Brown, said: "This is an important step in the project, one which will help create one of the world’s most significant tungsten concentrate producers when the mine opens next year.”
The Mayer Brown team included Corporate & Securities partner Rob Hamill and associate Simon Allison and Banking & Finance partner Robert Flanigan.
In 2013, Banking & Finance partner Ian Coles and senior associate Danuta Rychlicka advised Wolf Minerals on the project financing in relation to the Hemerdon project.