Mining and Resources Transactions

Wright Legal has successfully completed mining and resources transactions since 2000. A snapshot of transactions include:

• Paladin Energy - US$150m syndicated facilities with Nedbank and Macquarie Group composed of US$100 million amortising term loan, with a five year term, and a US$50 million revolving credit facility with a three year term, extendable by two options of 12 months each.
• Northern Star Resources Limited - A$1.5bn refinancing of corporate bank facilities.
• Macmahon Holdings Limited - refinancing existing A$170 million corporate debt facility. The syndicated facility, led by HSBC was increased to A$200 million with improved terms and an extended maturity date by over 3 years to September 2026.
• Mallee Resources Limited – US$30m debt financing with Hartree Metals LLC relating to the acquisition of the Avebury Nickel Project, together with hedging arrangements.
• Bellevue Gold Limited - A$200m project finance facility for the Bellevue Gold Project in the Eastern Goldfields of WA with Macquarie Bank, together with hedging line.
• Dacian Gold Limited - A$16m corporate debt facility with ANZ.
• Northern Star Resources Limited – A$1 billion syndicated corporate debt facilities to refinance existing debt in line with the enlarged group’s strategic plans post-merger with Saracen Mineral Holdings Limited
• Macmahon Holdings Limited - A$145 million syndicated asset finance facility, with National Australia Bank as Mandated Lead Arranger.
• Panoramic Resources Limited - US$45m secured prepayment term and revolving credit facilities for the restart of the Savannah Nickel Operation in the East Kimberley region of Western Australia with Trafigura Pte Ltd as lender.
• Mincor Resources NL -  A$30 million Revolving Credit Facility (RCF) with BNP Paribas together with hedging line (the RCF replaced the previously signed and credit approved A$55 million syndicated Project Finance Facility with BNP Paribas and Société Générale as lenders).
• MACA Limited - A$130m secured debt facility with Commonwealth Bank of Australia, used towards funding the acquisition of the Mining West business from Downer EDI Limited.
• Macmahon Holdings Limited – A$170 million secured syndicated debt facility with HSBC as Mandated Lead Arranger and Bookrunner for equipment financing, working capital and general corporate purposes, and refinances and upsizes the existing facility.  
• Resolute Mining Limited – US$300 million syndicated loan facility, by way of a US150m revolving credit facility and a $150m term loan. The facilities refinance a US$63 million secured project loan facility provided by Taurus Funds Management Limited for the initial construction of the Mako gold mine in Senegal) and to replace US$195 million of existing senior bank debt facilities.
• Northern Star Resources Limited – A$480 million revolving credit and performance bond facilities and hedging arrangements with ANZ, CBA and HSBC. Part of the debt used towards the funding of NST's acquisition of a 50% interest in the KCGM Joint Venture from Newmont Goldcorp, by purchase of the shares in Kalgoorlie Lake View Pty Ltd and associated assets for a total price of US$800m. KCGM JV owns and operates the Super Pit Gold mine in Kalgoorlie-Boulder, WA and NST is operator.
• Saracen Mineral Holdings Limited – A$500 million debt facilities (A$450 million term debt facility, A$45 million revolving facility and A$5 million contingent instruments facility) with BNP Paribas, Citibank N.A. and Westpac Banking Corporation. The term debt facility was used towards the funding of Saracen’s acquisition of a 50% interest in the KCGM Joint Venture from Barrick Gold Corporation, by purchase of the shares in Barrick (Australia Pacific) Pty Limited for a total price of US$750 million. KCGM JV owns and operates the Super Pit gold mine in Kalgoorlie-Boulder, WA.
• Resolute Mining Limited -financing aspects of the sale of Ravenswood Gold Mine to a consortium, including the $50 million promissory note issued to Resolute as noteholder, which formed part of the consideration for the sale.
• Troy Resources - gold loan from Asian Management Investment Services Ltd, a Malaysian-based investment fund, for 5,200 ounces of gold (at the time signed, based on a gold price of US$1,450/oz, this equated to funding of approximately US$7.54 million).
• Mincor Resources NL - binding nickel offtake agreement and ore tolling with BHP Billiton Nickel West.
• Capricorn Metals Limited - A$107 million funding with a Letter of Commitment and Credit Approved Term Sheet signed with Macquarie Bank to advance development of the Karlawinda Gold Project in the Pilbara, Western Australia. The Facilities include a senior project finance facility of A$81 million, a Bank Guarantee facility of A$19 million and a working capital facility of A$7 million. 
• Macmahon Holdings - advice on financing issues related to the acquisition of the GBF Underground Mining Group.
• Resolute Mining Limited - US$130 million acquisition financing relating to all the shares of Toro Gold Limited for US$274M, comprising US$130M cash and 142.5 million freely tradeable Resolute shares. The cash component fully funded through a finance facility provided by Taurus Funds Management Pty Limited.
• Panoramic Resources Limited - A$40 million secured project financing and nickel and copper hedging lines with Macquarie Bank Limited to finance the restart of the Savannah nickel, copper cobalt Project in the East Kimberley.
• Resolute Mining Limited - US$100 secured revolving loan facility with Investec. Previously financed A$20 million bonding facility with Citibank, US$7 million bonding facility with Societe Generale Ghana and hedging facilities with Citibank, Investec, Macquarie and Societe Generale.
• Dacian Gold Limited - A$150 million syndicated project facility and cost overrun facility with ANZ, Westpac Banking Corporation and BNP Paribas for the development of the Mt Morgans gold project, together with hedging arrangements.
• Heron Resources Limited - US$60 million secured project financing and US16 million silver metal stream together with offtake arrangements for the Woodlawn zinc, lead and copper project in NSW.
• Saracen Mineral Holdings Limited - A$45 million (with ability to request an increase to A$150,000,000) syndicated revolving credit and performance bond facilities with BNP Paribas, Citibank N.A and Westpac Banking Corporation, together with hedging arrangements.
• Northern Star Resources Limited - A$105 million syndicated revolving credit and performance bond facilities with ANZ, CBA, HSBC and RBC, together with hedging arrangements.
• Resource Capital Funds – various transactions: US$30m secured convertible debt provided to an unlisted Australian public company and its Canadian subsidiary, to fund further development of coal assets in Alberta, Canada as additional funding to the existing syndicated facility provided by RCF and Macquarie Bank Limited. Completed A$58 million mezzanine funding package to MZI Resources Limited for the development of the Keysbrook mineral sands project in WA, comprising secured convertible loan facilities and purchase of a royalty (funding package to supplement senior project financing).
• Alkane Resources Limited - Tomingley Gold Project - A$14 million loan and performance bond facilities with Macquarie Bank, together with secured hedging arrangements.
• Doray Minerals Limited – numerous transactions: A$90 million facilities with Westpac for the development of the project and refinancing existing project debt for the Andy Well gold project. This followed the A$25 million refinancing and restructuring of the Andy Well gold project finance facility with Westpac and original A$55 million facility for the development of the Andy Well gold project. Wright Legal also advised Doray in relation to its copper concentrate offtake agreement for the Deflector Gold Project.
• Sirius Resources NL - A$440 million project finance and offtake arrangements for the Nova-Bollinger project.
• Mawson West - A$50 million project financing in the Democratic Republic of Congo together with international off-take agreement.
• Troy Resources - A$100 million facility to progress the development of the Karouni project (formerly known as West Omai) in Guyana, refinance existing facilities and provide working capital. Completed A$20 million corporate facility and A$20 million acquisition facility relating to the acquisition of Azimuth Resources Limited.
• Karoon Gas Australia Ltd - US$100 million corporate bridge loan with NAB.
• Highland Park S.A. (as lender) - Restructure of the existing C$70 million facility facility to Coalspur Mines Limited and intercreditor arrangements with the senior project finance lender (EIG Global Energy Partners) in relation to the Vista coal project in Alberta, Canada.