Societe Miniere du Sud Pacifique secures term loan facility for nickel project in New Caledonia
Clients Societe Miniere du Sud Pacifique (SMSP)
Jones Day advised Societe Miniere du Sud Pacifique, the development arm of the North Province of New Caledonia and the largest exporter of nickel ore in the French-controlled island, in a €150 million (US$210.5 million) term loan facility arranged by Ingepar and Financiere Oceor, a member of the French Caisses d'Epargne Group, and funded by Financiere Oceor and BRED Banque Populaire. The project consists in the construction, operation and maintenance of a nickel mine and a metallurgical plant. The purpose of raising financing is to invest in the Koniambo project. Société Minière du Sud Pacifique (SMSP) is a 51% joint-venture partner in the development of the massive Koniambo ore body in the Northern Province of New Caledonia. Xstrata Nickel is the 49% partner.