G+T advised specialist resources private equity investor EMR Capital (EMR) and its portfolio company Lubambe Copper Mine Ltd (Lubambe) on the refinancing of the Lubambe Copper Mine, which involved the Lubambe mining license to create a new mining license to develop the Mingomba copper-cobalt project in Zambia.
The cross-border structured financing involved multiple lenders across multiple jurisdictions including KoBold Metals (KoBold), Trafigura Group Pte. Ltd (Trafigura) and Zambia National Commercial Bank (Zanaco), with complex security and intercreditor arrangements. The US$150 million debt and equity investment from KoBold to co-invest, explore, and develop the Mingomba deposit and support the Lubambe Copper Mine is the first major mineral exploration investment announced under the new Zambian government administration and is strongly aligned with the 2022 National Mineral Resources Development Policy to grow copper production and local supply chain content and corporate social responsibility. The Mingomba deposit and the Lubambe Copper Mine are located on the Central African Copperbelt which is host to the largest copper and cobalt resource in the world.
The G+T team was co-led by Head of Energy + Infrastructure Alexander Danne and senior lawyer James Frixou with support from lawyers Tammy Qu and Carol Chai.
Alexander and James commented “It was a pleasure to advise EMR Capital and Lubambe on this milestone transaction and be able to support them throughout this complex refinancing. This deal demonstrates the global focus on ensuring strong investment in critical minerals particularly in the Central African Copperbelt region. We wish our clients continued success as they invest in projects focused on the effective extraction of critical minerals key to a decarbonised and clean energy future. ”
Gilbert + Tobin has one of Australia’s leading energy transaction practices. Landmark deals on which G+T has advised on include advising the PowAR Consortium on the $3 billion take private of Tilt Renewables, Infigen on its competing takeover bids by Iberdrola and UAC for approx. $900 million and Tilt Renewables sale of Snowtown 2 for over $1 billion. Gilbert + Tobin also advises a broad range of developers and contractors in the renewable energy sector in relation to project development.
