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 Powering a sustainable future with Ferroglobe At Absa CIB, we believe that financing critical mineral supply is essential for advancing the Just Energy Transition. Our partnership with Ferroglobe supports the expansion of silicon metal production, which is key to semiconductor chips and solar panels, driving economic growth, job creation and Africa’s role in the renewable energy value chain. Read more DEALS Propelling South Africa’s Just Energy Transition Our landmark project financing contribution towards an R8.8 billion transaction with Red Rocket South Africa (Pty) Ltd reinforces our position as a market leader in renewable energy financing. Read more DEALS Building a more robust green energy landscape South Africa’s green energy sector is poised for significant transformation, with vast untapped investment potential. Our R1.45 billion deal with G7 Renewable Energies and Cennergi Holdings marks a monumental sustainability partnership, highlighting the critical role of finance as a catalyst for advancing renewable energy projects. Read more
