Client results
NQ Minerals PLC NQ Minerals PLC closes US$55m Hellyer Mine Debt Facility with ING Bank
McCullough Robertson’s Corporate and Project Finance team has successfully acted for NQ Minerals Plc (AQSE:NQMI, OTCQB:NQMLF, QTCQB:NQMIY), in securing a US$55m debt facility with ING Bank, for its wholly-owned subsidiary, Hellyer Gold Mines Pty Ltd.
The funds from the ING Facility will be used to retire all project debt maturing in 2020 relating to NQ Minerals’ Hellyer tailings reprocessing project in Tasmania.
In securing this facility, McCullough Robertson provided significant technical advice to establish a more streamlined structure for the project funding for the Hellyer Project. This structure provides the ability for funding within the broader NQ Minerals group on a project-by-project basis. This work required coordination with existing lenders (both retired and continuing) to navigate a variety of issues, including prioritisation and subordination of debt, Foreign Investment Review Board advice, collaboration with Mineral Resources Tasmania (including the renewal of the Hellyer Gold Mine tenements) and with a variety of project stakeholders.
Special Counsel, Emma Murray said “this was a highly complex piece of work, requiring a great deal of industry and technical experience in cross border, project and structured finance matters. It was great to again work closely with DAC Beachcroft as UK counsel to achieve a great outcome for our mutual client.’
Lead Partner, Damien Clarke, said “this is yet another exciting milestone in the NQ Minerals journey, and one that we are proud to be a part of. We look forward to continuing to support NQ Minerals in its ongoing success in Australia.”
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