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Best Mining Financing

Sep 25, 2013

Sponsor Largo Resources employed a novel structure when it financed construction of a production facility for a mineral which is equally unusual in Latin America

Maracás Vanadium

Largo Resources' Maracás Vanadium project financing in Bahia, Brazil, was notable for having introduced a guaranteed, non-recourse loan structure to the marketplace.

The deal, financed by Brazilian state development bank, BNDES, helps pave the way for further non-recourse transactions in the country. That point - in addition to its success despite Largo Resources' status as a junior sponsor with no local relationship history and in the face of the challenges posed by the lack of a forward price for vanadium - marked the transaction out as Best Mining Financing.

Those factors also gave...

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