TXF in depth

Tanzanian mining risk becomes a potential money pit
Tanzanian mining risk becomes a potential money pit
Dr. Robert Besseling
15 November 2017

Despite the recent resignations of top executives at Tanzania’s largest investor, Acacia Mining, there has been little progress in negotiations to resolve a long-running dispute in the country’s mining sector. And apparent contradictions in the parties’ stance could still see talks falter and large foreign investors exit.

Shop Talk: Concord Resources on breaking into the metals market
Shop Talk: Concord Resources on breaking into the metals market
Callum Burroughs
9 November 2017

TXF spoke to Mark Hansen CEO of commodity trader Concord Resources about the current market, the company’s ambitions and the changes to China’s metals supply and demand dynamic.

Chinese metals: Overseas expansion - overseas debt?
Chinese metals: Overseas expansion - overseas debt?
Callum Burroughs
12 October 2017

Chinese metals producer Xiangguang Copper is out to the bank market with a $100 million pre-export financing. The deal is symptomatic of the growing demand by Chinese metals producers for offshore borrowing – demand which could yet climb further given overseas expansion plans.

TXF in brief

Aegean Marine Petroleum closes borrowing base refinancing
6 December 2017

Aegean Marine Petroleum Network (AMPN) has closed a $750 million secured borrowing base revolver. The three-year facility, which comes with a $25...

China Tian Lun Gas raises working capital
1 December 2017

China Tian Lun Gas Holdings has signed a HK$1.25 billion ($160 million) five-year loan for refinancing and working capital. The deal comes with guaran...

Norilsk Nickel looking for an unsecured repeat
30 November 2017

Russian metals producer Norilsk Nickel is in the market for a $1 billion unsecured financing. The company, rated Ba1, has followed a recent trend ...

Bharat PetroResources closes on $400m to fund oil blocks
28 November 2017

Bharat PetroResources – a wholly-owned upstream subsidiary of Bharat Petroleum – has closed syndication of a $400 million loan to refinanc...

Martabe gold refi saves 100bp-plus on margin
27 November 2017

Marlin Enterprise has reached syndication close on a refinancing of the $600 million acquisition debt it raised in November 2015 to acquire the Martab...

TXF Data

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Commodity Trade Finance MLA Full year 2016

Bank USDm No %
1 Société Générale 8711m 54 7.9%
2 Mitsubishi UFJ Financial Group (MUFG) 6958m 30 6.3%
3 ING Bank 6253m 58 5.6%
4 Natixis 5877m 48 5.3%
5 ABN AMRO 5755m 38 5.2%
6 Rabobank 5215m 39 4.7%
7 Deutsche Bank 4776m 25 4.3%
8 HSBC 4758m 27 4.3%
9 UniCredit 4609m 34 4.2%
10 BNP Paribas 3902m 29 3.5%

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