24 November 2006 – LAWFUEL – Law News, Law Jobs Network – International law firm Mayer, Brown, Rowe & Maw’s London mining finance group has advised the Mandated Lead Arrangers, Standard Bank, Standard Chartered Bank, BNP Paribas, Fortis Bank and Bayerische Hypo- und Vereinsbank AG in connection with a five year facility to First Quantum Minerals Ltd., relating to the refinancing and development of copper and gold mines in the Democratic Republic of the Congo (DRC), Zambia and Mauritania. The transaction reached financial close on 31 October, 2006.
The refinancing presented a number of challenges, including the co-ordination of the overseas counsel in Canada, British Virgin Islands (BVI), Mauritania, Zambia, Ireland and the DRC. Further, all negotiations in Mauritania and the DRC had to be conducted in French.
The arrangement and taking of security in all relevant jurisdictions presented challenges, but particularly in the DRC. Similarly, managing the concerns of the Political Risk Insurers to cover exposure in the DRC and Zambia provided a unique environment for many of those involved.
The Mayer, Brown, Rowe & Maw team advising the Mandated Lead Arrangers was led by head of the firm’s European Finance Group Ian Coles with finance solicitor Rachel Speight assisted by Sabine Bertin.
McCarthy Tétrault (Mark Frewin in London) advised First Quantum Minerals Ltd. The lenders were advised by Harney Westwood & Riegels LLP in the BVI, Etude Mine Ould Abdoullah in Mauritania, McCann FitzGerald in the Republic of Ireland, Mulenga Mundashi & Co in Zambia and Emery, Mukendi Wafwana & Associés in the DRC.