Best Mining Financing

Best Mining Financing

Corporate & Sovereign Strategy

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 the deal an edge over Trafigura Mexico’s $380 million syndicated loan signed in March

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