G'day all,
Equinox have announced that an assortment of lenders have been mandated to so far provide us$305m of project finance for Lumwana development.
Some $285m has been arranged in the form of senior finance, with nominated lenders being mandated to provide $255m to date.
The outstanding $30m is expected to be mandated with additional lenders shortly.
The European Investment Bank has been mandated to provide $50m of subordinated finance towards project financing.
The process is well advanced towards engaging a finance house to provide funds of probably $40m for the mining fleet.
Most recently, a C$20m placement with Canadian institutions was announced to part fund the project and for ongoing commitments.
On reading between the lines, I get the impression that a rights issue could be in the wind.
It seems that EQN are intent on raising us$395m plus any over allotment amount from the placement plus any amount raised from the possible rights issue.
Everthing now appears to be in place to successfully complete the financing followed by a start to construction later this year.
Who said that junior resource coys can't raise these amounts of money _ maybe this vindicates the dual listing!
A remarkable effort for an Aussie explorer.
Cheers ... WJ
the state of play as i see it
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