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Ashurst and KWM help finance Millennium gold project

Ashurst and KWM help finance Millennium gold project

Ashurst and King & Wood Mallesons have advised on the $50 million financing of a gold project in Western Australia.

Firms: Ashurst (Millennium -the borrower) King & Wood Mallesons (BNP Paribas and National Australia Bank)

Deal: Financing of Millennium Minerals’ Nullagine Gold project

Area: Finance

Value: $50 million

Key players: The KWM Perth project finance team acted on this deal with lead partner Nicholas Creed, assisted by senior associate Nicole Ho and solicitor Andrew Lane. The firm’s role involved drafting security and facility documents and conducting lender legal due diligence, including environmental due diligence.

Deal significance: The financing for the Nullagine Gold project includes a senior construction facility of $40 million, a cost overrun facility of $5 million and a rehabilitation bond facility of $5 million. It also included a substantial gold price hedging facility.

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