As part of its proposed joint venture with French mining and metallurgical group Eramet, Mineral Deposits Limited (MDL) is undertaking a capital raising of $151 million under the guidance of Minter Ellison.
The proposed joint venture will combine MDL's 90 per cent interest in its Grande Cote Mineral Sands Project in Senegal with Eramet's Tyssedal titanium slag and iron plant in Norway. This is expected to create a globally significant, vertically integrated mineral sands player.
The proceeds of the capital raising will be used primarily to fund development within Grande Cote.
MDL has successfully developed mines in Senegal, West Africa. In addition to the Grande Cote project, they have developed the Sabodala Gold Operation in eastern Senegal.
Partners Marcus Best and Bart Oude-Vrielink led the Minters team, while Stikeman Elliott LLP advised on the Canadian aspects of the deal.
"MDL's proposed joint venture, coupled with the $151 million capital raising, provides an exciting opportunity for the company - it is expected to create a globally significant vertically-integrated player in the mineral sands sector," said Best.