Row rect Shape Decorative svg added to bottom Enabling local prowess for world-class scale Absa | Corporate and Investment Banking > Insights and Events > Enabling local prowess for world-class scale SHARE Absa’s balance sheet commitment will assist Gamsberg Mine’s ranking to be amongst the top five zinc-producing mines globally and will help Black Mountain Mining (Pty) Ltd (‘BMM’) create jobs and improve economic activity in the region. We are invested in your story and invite you to write it with us. Absa is pleased to have acted as Mandated Lead Arrangers with a funding commitment of 50% in a $310m debt funding package comprised of a $250m project finance facility and $60m working capital facility, together the “Facilities”, extended to Vedanta Limited’s subsidiary, Black Mountain Mining (Pty) Ltd (‘BMM’). The proceeds of the Facilities will be used to fund the Phase II Expansion Project and for general working capital purposes, respectively, for BMM’s Gamsberg Mine. Gamsberg Mine, located outside Aggeneys, a mining town in the Northern Cape, is BMM’s open-pit operation and South Africa’s largest zinc mine. This new facility will fund the mine’s expansion, including the construction and commissioning of a new crusher, concentrator plant and related infrastructure, which will double ore output and concentrate production. Absa provided an innovative multi-product solution to BMM, which included term funding, hedging and working capital facilities. It is inspiring to see how our expertise and financial solutions can partner with clients to spark hope in the lives of ordinary people. Contact Lebohang Mokhosi for more information https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles DEALS Distributed Energy. Powering Africa’s low-carbon leap Absa supports CrossBoundary Energy’s $225 million capital raise, contributing up to $100 million to expand renewable infrastructure, enable the mining of critical transition metals such as copper, and extend energy access across underserved African markets. Read more DEALS Seeding success through inclusive partnerships Absa has partnered with HEINEKEN Beverages on a R1.2 billion initiative to support black-owned SMEs across South Africa. As the Fund Administrator, Debt Funder, and Strategic Enabler, Absa will manage two development funds - the Supplier Development Fund and the Enterprise Development Fund to empower at least 125 black-owned SMEs. Read more DEALS Partnering to continue harnessing wind power for a greener future Absa Corporate and Investment Banking (CIB) is proud to have acted as Joint Mandated Lead Arranger, Senior Lender and Hedge Provider for the R5 billion financing of Seriti Green’s 155MW wind project, which will supply clean, reliable power to NOA over the next 25 years. NOA is a leading renewable energy independent power producer and aspirant energy trader owned by the Old Mutual Group through the Africa Infrastructure Investment Managers (AIIM) and the IDEAS Fund. Read more
