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Macquarie advised on landmark mining deal
Macquarie Bank has financed a Côte d’Ivoire gold mine project in a national first.
Tom Lodewyke
Firm: Norton Rose Fulbright (Macquarie Bank Limited); MinterEllison (Perseus Mining Cote d’Ivorie; Occidental Gold Pty Ltd; Perseus Mining Limited)
Value: US$40 million
Area: Project finance
Key players: The Norton Rose Fulbright team advising Macquarie Bank was led by partner Alen Pazin (pictured), with support from consultant Herman Yip, associate Megan Tan and graduate Catherine Todd.
Deal significance: Perseus Mining Côte d’Ivoire, a subsidiary of ASX-listed Perseus Mining Limited, is developing the Sissingué gold project in Côte d’Ivoire.
Norton Rose Fulbright advised Macquarie Bank on the project financing for the mine. The law firm said it was the first project financing of a mining project in Côte d’Ivoire, and the first under the current Ivorian mining laws.
NRF’s involvement included drafting and negotiating all finance, hedging and security documents; conducting extensive project due diligence; and advising on the bankability of all material project documents, the firm said in a statement.
SCPA Dogué-Abbé Yao & Associés, NRF’s Ivorian counsel, advised on the Ivorian law aspects of the deal.
“This transaction is the first project financing in Côte d’Ivoire to involve taking security under its current mining laws,” said lead partner Alen Pazin.
“Navigating through the West African Central Bank monetary regulations was also a critical piece of structuring this deal, and we are proud to be one of very few firms with regulatory and structuring expertise of this sort in Francophone Africa.
“It was extremely pleasing to be able to assist Macquarie Bank on this financing and to further the growing track record of Africa-based mining work we have been conducting from our Perth office.”
Pictured: Norton Rose Fulbright partner Alen Pazin
