African Minerals Limited in $350 Million Finance Package

Cleary Gottlieb represented African Minerals Limited in a new $250 million pre-export loan facility (PXF) and an extension to an existing $100 million credit facility which provided AML with additional liquidity. AML will use the proceeds of the PXF primarily in connection with its Tonkolili iron ore project in Sierra Leone. Both facility agreements were signed on April 5.

The Standard Bank of South Africa Limited and Standard Bank Plc acted as mandated lead arrangers.

AML is a minerals exploration and development company with significant interests in Sierra Leone. It is listed on the Alternative Investment Market of the London Stock Exchange and is currently focused on the development of the world class iron ore deposit at Tonkolili and its related rail and port infrastructure. The project is the largest employer in Sierra Leone and is set to become the largest contributor to the country’s GDP.