First Quantum Minerals Ltd. has signed a mandate and indicative term sheet with Standard Bank Group and WestLB AG as co-lead arrangers and underwriters for a limited recourse export credit and commercial debt loan facility of a minimum of $120 million.
The financing is for the development of a copper project in Zambia.
The loan facility will be structured 50% as a commercial debt facility and 50% as an export credit facility through the Export Credit Insurance Corp. of South Africa.
First Quantum said it's also in advanced discussions with the European Investment Bank, the financing institution of the European Union, which has expressed a "strong interest" in participating in the financing.
Source: Financial Post
