Trowers & Hamlins Advised Syndicate Of Financiers On USD 270 Million Financing For Mazoon Mining Copper Project In Oman
Trowers & Hamlins advised syndicate of financiers on USD 270 million financing for Mazoon Mining copper project in Oman
The international law firm with a strong global presence, particularly in the UK, Middle East, and Asia, Trowers & Hamlins advised a syndicate of financiers on a USD 270 million financing provided to Mazoon Mining LLC, a subsidiary of Minerals Development Oman (MDO), for the development of Oman’s largest copper concentrate project.
The syndicate of financiers comprised Sohar International Bank, Ahli Bank, Ahli Islamic, Bank Nizwa, and the National Bank of Oman.
The financing relates to a landmark copper project located in the Wilayat of Yanqul, Al Dhahirah Governorate, spanning approximately 20 sq km, and expected to produce around 115,000 tonnes of copper concentrate annually. The project has an estimated total cost of approximately USD 450 million, with the financing representing around 60% of the overall project cost.
Trowers & Hamlins acted as international and Oman counsel to the financiers across all finance and projects aspects, including due diligence, term sheet negotiations, drafting of project finance documentation, and closing of the transaction.
Jonathan Grosvenor (Partner, London Banking and Finance) commented,
“This financing underpins the development of the largest copper project in Oman in terms of both production capacity and investment scale. It will play a key role in enabling delivery of the project and is expected to strengthen Oman’s position as an emerging copper producer.”
Salman Ahmed (Partner and Head of Banking and Finance, Oman) commented,
“We are delighted to have advised the financiers on the complex financing of this landmark project in the minerals sector. As a major strategic project for the Sultanate of Oman and a first of its type in Oman, we are pleased to have assisted on this project.”
The Trowers & Hamlins team was led by Salman Ahmed (Partner), Jonathan Grosvenor (Partner), and Elias Moubarak (Partner), assisted by Tom Wigley (Projects Partner), Emilia Smart (Associate), Reem Al Mahrizi (Associate), Kasab Vora (Associate), and Shamsa Alsharji (Trainee Lawyer).
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