Base Resources signs $170 million syndicated project finance facilities and completes A$170 million placement and rights issue
Client(s) Base Resources Limited
Jones Day advised Base Resources Limited, a minerals exploration and development company, on the U.S. aspects of its placement and rights issue to raise approximately A$170 million. The equity issues were completed on September 20, 2011. In addition, Jones Day advised Base Resources Limited in its US$170 million syndicated project finance facility which also signed in November 2011.
The proceeds of the placement and rights issue, together with the syndicated project finance facility, will provide funding to develop the Kwale Mineral Sands Project in Kenya which is expected to be one of the top producers of ilmenite and rutile in the world, with production amounting to nearly 10% and 14% of the global supply of these minerals respectively.