Global law firm Norton Rose Fulbright has advisedRK Mine Finance Fund in relation to its US$250 million loan to fund the construction, installation and working capital requirements of the Buritica Underground Gold Project in Colombia, owned by Continental Gold Limited. Work on construction of the site is expected to start this year.
Buritica is a landmark project and marks the largest private financing for the Colombian gold mining sector. Once complete, it is expected that the site will achieve an average extraction of 250,000 ounces of gold per year for the next eight years.
Norton Rose Fulbright’s team was led by partners Geoffrey G. Gilbert (Canada) and Jorge Neher (Colombia). Further assistance was provided by Of Counsel Alison Babbit, senior associate Nicolás Arboleda as well as associates Ahmed Ahad and Efraín Peña.
Jorge Neher, leader of Norton Rose Fulbright’s Colombia-based Latin America mining practice, commented:
“The completion of this financing process marks a milestone for the industry, both for its value and because it will facilitate the construction of the biggest gold underground mining project in Colombia. In addition, it highlights the viability for future foreign direct investment in the Colombian miningsector.”
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