Financing
In 2004, a debt funding package to finance construction of the Mine was signed with a lender group comprising the European Investment Bank (EIB), The African Development Bank (AfDB), FMO (a Dutch development finance institution), KfW (a German bank), Emerging Africa Infrastructure Fund Limited (EAIF) and ABSA (a South African Commercial Bank). Political risk insurance was provided by MIGA (a member of the World Bank Group) for the KfW (MIGA) tranche. Political and commercial insurance cover was provided by Hermes for the KfW (Hermes) tranche and by the Export Credit Insurance Corporation of South Africa (ECIC), the South African export credit agency, for the Absa facility.
In 2009, the Group entered into a loan agreement with Banco Comercial e de Investimentos, S.A.R.L to fund the purchase of an additional product transshipment barge, Peg, and a tug/work boat, Sofia III.
Details of Group loan facilities as at 31 December 2010 are set out below:
Summary of Debt Financing
|
Loan Balance
(US$m) |
Maturity |
| PROJECT LOANS |
|
|
| Senior Debt |
|
|
| AfDB |
32.9 |
2018 |
| ABSA (ECIC) |
59.8 |
2015 |
| EAIF |
4.1 |
2018 |
| EIB |
16.6 |
2018 |
| FMO |
17.1 |
2016 |
| KfW (Hermes) |
17.1 |
2015 |
| KfW (MIGA) |
12.3 |
2018 |
| Total |
159.9 |
|
| Subordinated Debt |
|
|
| EAIF |
39.2 |
2019 |
| EIB |
104.6 |
2019 |
| FMO |
32.6 |
2019 |
| Total |
176.4 |
|
| MORTGAGE LOAN |
|
|
| BCI |
2.1 |
2014 |
The mortgage loan was repaid in full in March 2011.
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