Nedbank Corporate and Investment Banking (Nedbank CIB) has structured and underwritten a $500-million credit facility for gold major AngloGold Ashanti's Geita gold mine, in Tanzania.
In a media release, Nedbank explains that it is one of the largest facilities of its kind that the bank has underwritten to date in the mining sector. Nedbank CIB provided a fully underwritten solution, giving AngloGold Ashanti funding certainty ahead of a planned debt syndication process.
Geita gold mine is Tanzania’s largest gold mining operation and a significant contributor to the local economy.
AngloGold Ashanti has an ongoing development programme at the mine aimed at extending its operating life and supporting long-term production. This credit facility supports the company’s funding requirements for the asset.
Following the transaction, Nedbank CIB says it launched a primary market syndication process for the local-currency portion of the facility, enabling participation by Tanzanian banks and supporting local content requirements at Geita.
