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Deals
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DEALS - OPERACIONES
International legal practice Norton Rose LLP has advised Talvivaara Mining Company plc, a Finnish mining company operating a large open pit nickel mine in northern Finland, on a $335 million zinc streaming deal with Nyrstar NV, a leading global multi-metals business producing significant quantities of refined zinc. This streaming deal was a first for Norton Rose and the largest known streaming deal for zinc which is usually used for silver or gold. The deal involved the sale of Talvivaara's rights to the first 1.25 million tonnes of zinc in concentrate - a by-product of nickel production- produced at the mine. The capital raised through the streaming deal was sufficient for Talvivaara to repay its entire project finance debt and should permit the client to look at other more aggressive financings structures later this year. The team was led by the Head of Infrastructure and Commodities practice, Martin McCann and assisted by Jake Howard, Oliver Carruthers and Paul Mansouri. Martin McCann, Head of Infrastructure and Commodities, Norton Rose LLP said: “This is a great deal for a great client. Talvivaara is a company that came to us before listing. We assisted them in raising the debt for the mine development. Now we have assisted them move to the next phase in their development. “While the debt market remains tight this is proof of the fact that there are options in the market. This is one of a group of major refinancings of junior project finance transactions we will see in the next few months. Some have been able to move to corporate facilities from commercial banks while others have looked to the major Chinese banks or as here the trading houses”. Baker & Mackenzie advised Nrystar.
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