Shearman & Sterling advised International Finance Corporation (IFC), Export Development Canada (EDC), ING Capital LLC, Caterpillar Financial Services Corporation and The Bank of Nova Scotia, as senior lenders, in connection with the $185 million financing, consisting of two tranches, a $160 million facility and a $25 million cost overrun facility, related to the construction and development of the Aurora Gold project, located in Guyana, South America.
The project is described by the Honorable Robert M. Persaud, the Guyana Minister of Natural Resources and the Environment, as “important to the growth and development of the Guyanese economy,” and its anticipated output is expected to double Guyana’s level of gold declaration.
Scott A. Caldwell, President & CEO of Guyana Goldfields Inc., stated, “We have been aggressively working on the construction of the Aurora Gold Project, which remains on schedule to achieve commercial production in mid-2015.”
Patricia Hammes, lead Shearman & Sterling US counsel for the senior lenders, stated, “We congratulate all parties on successfully closing this landmark multilateral, export credit agency and commercial bank project financing for Guyana Goldfields’ gold mining project in Guyana.”
The Shearman & Sterling team included partner Patricia Hammes (New York-Project Development & Finance) and associates Renae Bothe (New York-Project Development & Finance), Niki Amalu (New York-Project Development & Finance), Justin Glick (New York-Corporate) and Leah Trzcinski (New York-Corporate).