Milbank LLP has advised International Finance Corporation (a member of the World Bank group), Export Development Canada and the commercial banks (ING and Societe Generale) in connection with the $300 million project financing for the Kinross-sponsored Tasiast Gold Mine located in Mauritania.
The project financing is expected to fund the expansion of the operations of the Tasiast gold mine, together with all associated facilities and infrastructure. The Milbank Global Project, Energy and Infrastructure Finance team was led by partner Alec Borisoff, along with associates Felicia Hanson Ofori-Quaah, Severine Losembe, Olivia Scandura and Bader Thabti together with support from Environmental partner Matt Ahrens.
Global Project, Energy and Infrastructure Finance partner Alec Borisoff said: “We are pleased to have worked closely with a group of sophisticated lenders on this important project which will enhance value at the Tasiast mine and which represents an important investment in the Mauritanian economy. We have been honored to have supported the development and financing of several world-class mining assets in the recent past and are pleased to have been part of the team that was able to bring the Tasiast financing to a successful conclusion.”
In addition to Tasiast, Milbank has had a lead role in several major greenfield and expansion financings in the mining sector over the past 18 months, including major financings for the QB 2, Los Pelambres, Escondida, and Antucoya copper projects in Chile, the Fruta del Norte gold project in Ecuador, the Mina Justa copper project in Peru, and the Pumpkin Hollow/Nevada Copper project in the US, several of which have been awarded “deal of the year” recognition and representing several billion dollars’ of investment in the sector.