Standard Bank Group and WestLB AG are "Co-Lead Arrangers and Underwriters" for a limited recourse Export Credit and Commercial debt loan facility of a minimum of US$120 million to cover pre-production capital costs for phase one development of First Quantum Minerals Ltd’s Kansanshi copper-gold project, estimated at US$163.4 million, excluding US$20 million for a power line.
It is intended that the loan facility be structured 50% as a commercial debt facility and 50% as an export credit facility through the Export Credit Insurance Corporation (ECIC) of South Africa.
First Quantum is also in final discussions with the European Investment Bank (EIB), the financing institution of the European Union (EU), who has expressed an interest in participating in financing of the Kansanshi project. The EIB has proposed that its participation in Kansanshi would be project financing in the form of subordinate debt.
