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 Enabling mining development to support South Africa’s economic growth Absa CIB acts as joint mandated lead arranger, hedge provider, account bank and facility agent for West Wits Mining’s Qala Shallows Gold Project Read more DEALS Backing bold growth in Ghana Across Ghana’s manufacturing and consumer goods landscape, the need to scale efficiently, strengthen local production and remain competitive continues to grow. Read more DEALS Powering South Africa’s energy transition through scalable infrastructure solutions Absa Corporate and Investment Banking partnered with Mulilo Energy Holdings on the financing of the 77MW / 308MWh Hartebeesfontein Battery Energy Storage System (BESS) project, acting as Joint Mandated Lead Arranger, Senior Lender, Hedge Provider and Agent Bank. Read more
