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Guyana Goldfields completes Aurora Gold project financing
Guyana Goldfields completes Aurora Gold project financing
Jonathan Bell
5 September 2014

Toronto-headquartered, Guyana Goldfields, and its wholly-owned subsidiary, AGM Inc has closed the $185 million, loan portion, of its project financing to fund the development and construction of the 100%-owned Aurora Gold project located in Guyana, South America.

India’s Lucid Colloids secures IFC funds to support SME farmers
India’s Lucid Colloids secures IFC funds to support SME farmers
Jonathan Bell
3 September 2014

International Finance Corporation’s (IFC) is providing $27.5 million to finance the expansion and backward integration plans of Lucid Colloids and support for small farmers in India, boosting their productivity and incomes.

Afrexim arranges loan for A-Z Petroleum for Ghana expansion
Afrexim arranges loan for A-Z Petroleum for Ghana expansion
Jonathan Bell
2 September 2014

African Export-Import Bank (Afreximbank) has arranged an $80 million loan for the Nigerian oil company A-Z Petroleum Products, to part help finance the group’s distribution expansion into Ghana.

Mercuria secures first Japanese yen facility
Mercuria secures first Japanese yen facility
Jonathan Bell
29 August 2014

Commodity trading company, Mercuria, has secured its first ever significant loan in Japanese yen.

ING and UniCredit lead Kernel PXF to financial close
ING and UniCredit lead Kernel PXF to financial close
Jonathan Bell
29 August 2014

ING Bank and UniCredit (Austria) acting as the coordinating mandated lead arrangers and bookrunners have signed a new $320 million syndicated pre-export finance (PXF) facility for the Ukrainian agri-producer and processing group Kernel Holding.

EBRD loan for Ukrainian sugar beet producer
EBRD loan for Ukrainian sugar beet producer
Dominik Kloiber
28 August 2014

The European Bank for Reconstruction and Development (EBRD) has signed a €20 million ($26.3 million) loan to Astarta, Ukraine’s leading agribusiness operator and sugar beet producer.

Bringing agri-financing to centre stage
Bringing agri-financing to centre stage
Jonathan Bell
26 August 2014

The Fin4Ag conference held in Nairobi this year was the largest and most expansive event ever staged focusing specifically on agri-financing.

CTA demonstrates its unique role in style with Fin4Ag
CTA demonstrates its unique role in style with Fin4Ag
Jonathan Bell
26 August 2014

TXF talks to Michael Hailu, director of the Technical Centre for Agricultural and Rural Cooperation (CTA) about the unique role of the organisation.

Changing the landscape to secure agri-financing opportunities
Changing the landscape to secure agri-financing opportunities
Jonathan Bell
26 August 2014

TXF talks with Lamon Rutten, manager of policies, markets & ICT at the Technical Centre for Agricultural and Rural Cooperation (CTA) about his vision for a changed landscape in agrifinancing throughout the African Caribbean Pacific (ACP) countries.

Finding real scale with warehouse receipt finance
Finding real scale with warehouse receipt finance
Helen Castell
26 August 2014

One of the biggest challenges with warehouse receipt finance is that it needs to reach a certain scale before the perceived benefits to farmers and traders justify the high costs associated with warehousing and collateral management.

Nine-country assessment of WRF provides way forward
Nine-country assessment of WRF provides way forward
Helen Castell
26 August 2014

A new study into warehouse receipts and collateral management was unveiled at the Fin4Ag conference in Nairobi.

Building commodity exchanges with integrity
Building commodity exchanges with integrity
Jonathan Bell
26 August 2014

The first ‘modern’ commodity exchanges in Africa were created in Zambia and Zimbabwe in 1994, and in South Africa in 1995. While the first two failed, the South African Futures Exchange (SAFEX), a response to the government’s withdrawal from agricultural trade, went on to become Africa’s largest.

Evaluating a pan-African proposition
Evaluating a pan-African proposition
Jonathan Bell
26 August 2014

Collateral management is an essential element in the warehouse receipt finance process and the further extension of commodity exchanges. And closely associated with that, the concept of a pan-African collateral management company is something that many are pushing for.

Exploring new frontiers in agri-finance
Exploring new frontiers in agri-finance
Helen Castell
26 August 2014

Agriculture is thinking beyond the challenges it often faces with bank finance by stepping boldly into new frontiers. While farmers tap next-generation financing sources like crowdfunding, specialist funds are lining up to invest in the sector and tools like factoring are being adapted to fit agribusiness needs.

Afreximbank’s crucial role in value-added agri projects
Afreximbank’s crucial role in value-added agri projects
Jonathan Bell
26 August 2014

“Africa requires $21 billion over the next 10 years to fill the finance gap in agricultural financing,” remarked Jean-Louis Ekra, president of African Export-Import Bank (Afreximbank) during the ‘Best practices in agri-value chain finance’ session on day one of the Fin4Ag conference in Nairobi.

Applying capital market tools for agri-financing
Applying capital market tools for agri-financing
Hesham Zakai
26 August 2014

With an immense amount of financing required in African agriculture, bank financing alone – at least in the current climate – is insufficient. The same was true of Brazil and the agricultural sector in the early nineties, paving the way for the introduction of the capital markets into the commodities sphere there.

Farmers seek better relationships with banks
Farmers seek better relationships with banks
Helen Castell
26 August 2014

One of the liveliest debates at the Fin4Ag conference in Nairobi centred on the responsibilities that farmers have in facilitating agrifinance. Although heated criticisms of banks’ lack of understanding of agriculture came thick and fast, farmer groups also pledged to help bridge the gap by improving their record keeping and business skills.

Kenyan coffee farmers look to broader horizons
Kenyan coffee farmers look to broader horizons
Helen Castell
26 August 2014

Kenya’s Kyanzavi Farmers Cooperative is one example of how clubbing together into a single commercial estate can help individual farmers improve their yield, attract finance and pay it back.

Helping apitrade development in Ethiopia
Helping apitrade development in Ethiopia
Bert-Jan Ottens
26 August 2014

In 2012, ProFound together with the Ethiopian Apiculture Board, SNV Ethiopia and Enclude (formerly Triodos-Facet) initiated the Apiculture Scaling-up Programme ASPIRE.

Rosneft and North Atlantic Drilling sign asset exchange deal
Rosneft and North Atlantic Drilling sign asset exchange deal
Jonathan Bell
22 August 2014

Rosneft, Seadrill and North Atlantic Drilling Limited (NADL) have signed a unique framework agreement that envisages long-term cooperation in the sphere of oilfield development projects and an exchange of assets.

Rusal fully completes refinancing
Rusal fully completes refinancing
Dominik Kloiber
21 August 2014

Rusal has completed the refinancing of its pre-export finance (PXF) facilities, with the amendment agreement signed 18 August becoming effective on 20 August 2014.

West African agri-sector boost through multi-agency financing
West African agri-sector boost through multi-agency financing
Jonathan Bell
20 August 2014

Three development agencies - Proparco, via its Investment and Support fund for Business in Africa (FISEA), CDC, via the DFID Impact Fund, and FMO, via its MASSIF Fund – have teamed to provide a total of $32 million in financing for the development of West African agriculture.

ING Frankfurt appoints new head of natural resources
ING Frankfurt appoints new head of natural resources
Jonathan Bell
19 August 2014

ING Commercial Banking in Frankfurt is continuing its expansion with the appointment of Crina Nechifor as head of natural resources and structured metals and energy finance.

Standard Bank pinpoints suspected Chinese fraud in half-year accounts
Standard Bank pinpoints suspected Chinese fraud in half-year accounts
Jonathan Bell
18 August 2014

In announcing its half-year financials, Standard Bank has highlighted a $79 million write-down from its exposure to a suspected metal financing fraud in China.

Rosneft proposes mega-loan from Russian state
Rosneft proposes mega-loan from Russian state
Jonathan Bell
18 August 2014

Russian state-owned oil producer Rosneft has asked the Russian government for up to RUB1.5 trillion (approximately $42 billion) to cover some of its immediate and medium-term debt repayment obligations.

RMB arranges loan for Tanzania’s MeTL Group
RMB arranges loan for Tanzania’s MeTL Group
Jonathan Bell
15 August 2014

South Africa’s Rand Merchant Bank (RMB) has arranged a $200 million commodity and working capital loan for the Tanzanian commodities trading company Mohammed Enterprises Tanzania Limited (MeTL Group), one of Tanzania’s largest diversified conglomerates.

EnerJex Resources increases borrowing base and extends credit facility
EnerJex Resources increases borrowing base and extends credit facility
Jonathan Bell
15 August 2014

Independent US-based oil exploration and production company EnerJex Resources has increased the borrowing base under its existing revolving line of credit. In addition, the company has also extended the tenor of the credit with the lender, Texas Capital Bank (TCB).

WesternZagros secures new debt financing
WesternZagros secures new debt financing
Hesham Zakai
15 August 2014

Calgary-headquartered junior oil explorer WesternZagros Resources has secured new debt financing amounting to $200 million. The funding comes from its largest shareholder Crest Energy International.

Kores provides bridge loan for Boleo copper project
Kores provides bridge loan for Boleo copper project
Jonathan Bell
15 August 2014

Korea Resources Corporation (Kores) has provided a $20 million bridge loan to Minera y Metalúrgica del Boleo (MMB) to fund the continuing construction of the Boleo mining project in Mexico.

ABN AMRO bolsters commodities operations team in Asia
ABN AMRO bolsters commodities operations team in Asia
Dalia Gebrial
15 August 2014

Dutch bank ABN AMRO has added three new sector heads to its commodities operation team in Asia, in a bid to extend its focus in the region.

Ocean Partners expands and extends its RCF
Ocean Partners expands and extends its RCF
Jonathan Bell
14 August 2014

Base metals trader Ocean Partners UK Limited (Ocean Partners) has expanded and extended its existing revolving credit facility (RCF). The extension increases the existing credit facility by an additional $90 million, and extends it by a further 12 months.

Bengal Energy signs loan agreement with Westpac
Bengal Energy signs loan agreement with Westpac
Jonathan Bell
14 August 2014

Junior oil exploration company, Bengal Energy, which is focused on India and Australia, has agreed on final terms for its $25 million secured credit facility with Westpac Institutional Bank.

Russia’s Evraz signs PXF with international banks
Russia’s Evraz signs PXF with international banks
Jonathan Bell
14 August 2014

Russian steel manufacturer Evraz has signed a $425 million pre-export finance (PXF) facility with a syndicate of international banks.

EBRD arranges new facility for Ukraine’s Nibulon
EBRD arranges new facility for Ukraine’s Nibulon
Hesham Zakai
13 August 2014

The European Bank for Reconstruction and Development (EBRD) has arranged a $130 million A/B syndicated facility for Ukraine’s leading grain trader Nibulon.

Banks mandated for Kenyan Nairobi-Mombasa pipeline
Banks mandated for Kenyan Nairobi-Mombasa pipeline
Jonathan Bell
12 August 2014

Kenya Pipeline Company (KPC) has mandated banks to arrange a $350 million loan to fund the construction of a new fuel pipeline from Mombasa to Nairobi.

HII Technologies secures debt financing
HII Technologies secures debt financing
Jonathan Bell
12 August 2014

HII Technologies, a Texan oilfield services company, has secured $18 million of senior secured debt funding from a group of lenders, led by Heartland Bank, an Arkansas state bank based in Little Rock.

Mercuria forms partnership with Pemex for gas imports
Mercuria forms partnership with Pemex for gas imports
Jonathan Bell
11 August 2014

Swiss-headquartered trading company Mercuria Energy has signed an agreement with the Mexican state-owned oil company Petroleos Mexicanos (Pemex) to establish a joint venture which will import US natural gas into Mexico.

ABN Amro recruits new Americas metals head
ABN Amro recruits new Americas metals head
Dan Sheriff
7 August 2014

Daniel Minzer has joined the Dutch bank as Americas head of metals commodities

Gunvor closes new loan to support European activities
Gunvor closes new loan to support European activities
Jonathan Bell
5 August 2014

Swiss-headquartered commodity trading company Gunvor has closed a new $290 million uncommitted off balance sheet instrument (OBSI) revolving credit facility (RCF) to further support its European trading operations.

Osum Oil Sands closes acquisition credit facilities
Osum Oil Sands closes acquisition credit facilities
Jonathan Bell
4 August 2014

Calgary-based Osum Oil Sands Corporation (Osum) has closed its $210 million senior secured term loan facility, to partly fund the purchase of oil sands assets in Alberta, Canada.

Rusal finally gets full approval for PXF refinancing
Rusal finally gets full approval for PXF refinancing
Jonathan Bell
4 August 2014

Rusal has today confirmed that it has obtained 100% credit approvals from all its lenders for the proposed amendments to the $4.75 billion and $400 million pre-export finance (PXF) facilities.

Uralkali secures longest tenor yet on an unsecured loan
Uralkali secures longest tenor yet on an unsecured loan
Jonathan Bell
4 August 2014

Russian potash producer, Uralkali, has secured a new $250 million credit line from local bank Promsvyazbank, with an exceptional 10-year tenor.

SMBC signs loan with Brazil’s Amaggi
SMBC signs loan with Brazil’s Amaggi
Jonathan Bell
4 August 2014

Sumitomo Mitsui Banking Corporation (SMBC) has signed a $200 million loan agreement with Brazilian agribusiness company Amaggi Exportação e Importação (Amaggi).

Ariana Resources signs financing to build first mine in Turkey
Ariana Resources signs financing to build first mine in Turkey
Jonathan Bell
31 July 2014

Ariana Resources, the Anglo-Turkish gold exploration and development company, has signed a financing agreement to bring its Kiziltepe gold-silver mine into production – also known as the Red Rabbit Gold Project. The financing is the company’s first mine development in Turkey.

Gunvor closes refinancing for Ingolstadt refinery
Gunvor closes refinancing for Ingolstadt refinery
Jonathan Bell
30 July 2014

Energy trading group Gunvor has successfully closed the refinancing of its $500 million refinancing facility related to its Ingolstadt refinery in Bavaria, Germany.

Mercuria secures Middle East borrowing base facility
Mercuria secures Middle East borrowing base facility
Jonathan Bell
30 July 2014

Mercuria Energy Trading Middle East DMCC, a subsidiary of Mercuria Energy Group, has secured a $200 million borrowing base facility through a group of banks.

Aureus Mining receives equity financing from IFC
Aureus Mining receives equity financing from IFC
Jonathan Bell
30 July 2014

The IFC has agreed to invest £6.6 million ($11.1 million equivalent) in Aureus Mining to further the company’s gold exploration and development work in Liberia.

Ukraine gets grain storage boost with EBRD loan
Ukraine gets grain storage boost with EBRD loan
Jonathan Bell
29 July 2014

The Ukrainian agri-sector has received a boost with funds for a new grain storage terminal in the Port of Odessa.

Ghana Cocobod increases PXF
Ghana Cocobod increases PXF
Jonathan Bell
28 July 2014

Ghana National Cocoa Board (Cocobod) is increasing the size of this year’s pre-export financing (PXF) in order to support additional purchasing of the country’s crop through the 2014-2015 season.

Promotion for Bedi at SMBCE
Promotion for Bedi at SMBCE
Jonathan Bell
28 July 2014

Structured commodity finance stalwart Pepi Bedi has been promoted to head of structured trade finance at Sumitomo Mitsui Bank Corporation Europe (SMBCE). He is based in London.