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Mining project gets cash injection
Global firms have acted on a syndicated refinancing that breathes new life into a WA resources project.
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Deal: The US$1.48 billion syndicated refinancing of the Karara Iron Ore Project in Western Australia by a syndicate of Chinese banks.
Value: US$1.48 billion
Area: Banking & Finance
Key players: The KWM team was led by partner Nicholas Creed (pictured). He was supported by solicitor Marcus Wettenhall.
The lead partners for Norton Rose Fulbright – Jake Howard (banking and finance) and James Stewart (corporate) – were assisted by partner Liz Allnutt in Perth, a team of lawyers in Melbourne and Perth, and associate Xinti Liu in Beijing.
Ashurst partners advised Karara Mining.
Deal significance: The new facility will be used to refinance all of the project’s current debt provided under existing syndicated facility agreements. The refinancing required a new financing and security package to be put in place within a tight timeframe.
Located 200km east of Geraldton in Western Australia, the Karara Iron Ore Project is owned and managed by Karara Mining Limited (KML), a joint venture between Gindalbie Metals Limited and an Australian subsidiary of Ansteel Group Corporation, China’s second largest steel producer and largest iron ore miner.
Commenting on the deal, KWM partner Nicholas Creed said: “This deal highlights the banks’ commitment to the Karara Iron Ore Project and to energy and resources projects in Australia more broadly.”
