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Getting Argentina back on track in both trade and project financing is a gradual process, but one which would appear to be gathering momentum.
Veladero - mine financing
Lead arranger: Fortis Capital Corp
Arrangers: ANZ Investment Bank, KfW IPEX-Bank, US Export-Import Bank, Export Development Canada, Fortis Capital, The Royal Bank of Scotland
Sponsor: Barrick Gold Corporation (through Minera Argentina Gold)
Total Construction Capital: $475 million
Total Debt: $250 million
Tenor: 9 years
Financial advisors: Barrick financial advisor - Rothschild Inc., Washington DC; Ex-Im Bank financial advisor - HSBC Bank, New York
Legal advisors-project: Davies Ward Phillips & Vineberg LLP, Toronto; Sullivan & Cromwell, New York; Fortunati & Lucero Abogados, Buenos Aires; Basanes & Videla, Buenos Aires
Legal advisors-lenders: Milbank, Tweed, Hadley & Mccloy, New York; Estudio Beccar Varela, Buenos Aires
Consultants: Lender independent engineer - Chlumsky, Armbrust, Meyer
Barrick business insurance consultant - Marsh Canada
Lender business insurance consultant - Willis
Financial close: July 15, 2004
Getting Argentina back on track in both trade and project financing is a gradual process, but one which would appear to be gathering momentum. Through the financial crisis commodity exporters were able to carry on earning - but for the country overall projects came to a grinding halt. However the Veladero gold mine project, which...