Lynx Resources debt raise - award winning deal

22 Feb 2017

International law firm Simmons & Simmons has acted for Lynx Resources on the $75m debt raise for the SASA zinc, lead and silver mine in the Republic of Macedonia, financed by leading project finance lenders Société Générale and Investec and Macedonian lender Ohridska Banca.

The project has since been recognised by Trade & Forfaiting Review as one of their Deal of the Year winners for 2016 and has also been shortlisted for the IFLR European Awards 2017 as Project Finance Deal of the Year.

The Republic of Macedonia is sometimes viewed as a frontier emerging market jurisdiction and in 2015 the mining sector was cited as the third largest export sector, providing a significant contribution to the Macedonian economy. This pathfinder deal is currently the largest project finance deal in Macedonia and therefore a significant financing transaction for the country and its mining sector.

Commenting on the transaction, lead partner Adam Cooper, said: “it was a real privilege to work so closely with the very impressive Lynx Resources and Orion teams on this important next stage of the SASA mine’s development, and we’re delighted that this pathfinder debt raise has received industry recognition for its complexity and innovation”.

Head of the firm’s international projects team, Richard Dyton, added: “the transaction reinforces our reputation as a strong, client-focused firm for complex, multi-sourced project financings in frontier emerging market jurisdictions, and reflects our depth of experience advising investment funds active in the energy and natural resources sector”.

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