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West African Resources dips into facility agreement
King & Wood Mallesons has advised a Taurus Mining collective on its provision of a syndicated facility agreement to West African Resources Limited.
Grace Ormsby
Firm: King & Wood Mallesons (Taurus Mining Finance Fund and Taurus Mining Finance Annex Fund), Herbert Smith Freehills (West African Resources Limited)
Value: US$200 million
Area: Mining, Corporate
Key players: King & Wood Mallesons’ team was led by Perth-based partner Nathan Collins, with support from senior associate Peixin Truong and solicitors Philippa Spurr and Louisa Harris.
Deal significance: The Taurus Mining Finance Fund and the Taurus Mining Finance Annex Fund have collectively provided the syndicated facility agreement to West African Resources Limited.
West African Resources Limited is a Perth-based, dual ASX-listed and TSX-V listed gold company which develops and acquires gold projects in West Africa.
The first draw down of the facility, worth US$75 million, occurred on 1 April and is underscored by West African’s confidence in its Burkina Faso-based Sanbrado Gold Project, according to King & Wood Mallesons.
The firm is currently advising on the second tranche of the facility, it said.
Commenting on the transaction, King & Wood Mallesons’ partner Nathan Collins said “we are pleased to have advised Taurus on the debt facility for WAF”.
He noted that “this is a significant gold project and underlines both Taurus’ and KWM’s capability in delivering project financing solutions to miners in Africa.”
King & Wood Mallesons noted that West African expects the first production from the Sandrado operation will occur in the third quarter of 2020.
