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Mayer Brown advises on the $62.5 million financing for the construction of the Çöpler gold mine in Turkey

1 April 2009
1 April 2009 - Leading international law firm Mayer Brown has advised the mandated lead arranger, Bayerische Hypo – und Vereinsbank AG, part of the UniCredit group, on the $62.5 million financing for the construction and development of the Çöpler gold mine in the Erzincan province of Turkey. 

This is one of the first completed project financed mines in Turkey.  As such, it raised novel issues about providing secured financing over mining assets, ore and refined production.

Anatolia Minerals controls 100% of the Çöpler Gold Deposit, which could well be the next major gold mine development in Turkey, with a 6.3 million gold ounce resource, including 2.8 million ounces of proven and probable reserves. Initial plans are to produce approximately 1.3 million ounces of gold at a cash cost of about $254 per ounce. The first gold pour at Çöpler is expected in early 2010 with full production of about 175,000 ounces of gold per year anticipated in 2011.

Ian Coles, Global Head of Mining and Minerals at Mayer Brown advised with associates Christine Wright and Bagyasree Nambron.

Ian Coles, Global Head of Mining and Minerals at Mayer Brown, said
: “We are pleased to have been able to close this transaction on behalf of our long-standing client, UniCredit. The fact that this is one of the very few project financings in the mining sector to have signed in the current challenging financial climate is a further illustration of Mayer Brown's visibility in the sector.”

Mayer Brown has a history of having worked on project finance firsts in the mining industry. The team have recently advised on the largest mining project financing in Russia (Kupol) and in the past have advised on the first commercial project financing in Mali (Morila Gold) and the first major mining project in Namibia since its independence in 1990 (Haib).  The team are currently working on project financing firsts for project sponsors and banks in Eritrea, Central African Republic and the Republic of Congo.

For further information:

PR Manager, London
+44 20 3130 8547

Ian Coles
Partner, London
+44 20 3130 3205

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