US$75m drawdown from syndicated facility succeeds with help from global giants

An Australian mining investor provides a US$200m facility for a gold project in Africa

US$75m drawdown from syndicated facility succeeds with help from global giants

An ASX-listed miner is well on its way to delivering on a major gold project in Burkina Faso with the help of King & Wood Mallesons (KWM) and Herbert Smith Freehills (HSF).

KWM advised the Taurus Mining Finance Fund and the Taurus Mining Finance Annex Fund. Both Taurus funds provided the US$200m syndicated facility agreement to West African Resources, which was counselled by HSF.

West African has completed its first drawdown of the facility, sized at US$75m, which will be used in constructing the Sanbrando mine in Burkina Faso. West African said that Sanbrando will elevate the company to be a low-cost gold producer with a capacity of more than 200,000 ounces per year by 2020.

KWM said that it is currently advising on the second tranche of the facility. Perth partner Nathan Collins heads the firm’s team, with support from senior associate Peizin Truong and solicitors Philippa Spurr and Louisa Harris.

Collins said that the transaction underscores the capability of both Taurus and KWM to deliver project financing to miners in Africa.

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