Effects On Finance Brought By African Mining Projects
Standard Bank director of mining and metals Vaughan Wickins said that in 2011 alone
there had been a number of financings for new mine-related developments, reports I-Net Bridge. Speaking at the Mines & Money Conference here, Wickins said this was despite mining companies being faced with a raft of complex challenges, including resource nationalism, skills shortage and access to funding. "The macro-economic environment, with the European debt crisis and volatility raging on, creates a challenging situation for any company seeking finance," he warned. He said mining companies trying to secure financing in Africa would find that certain commodities would find it easier to raise financing. These included iron ore, coal or precious and base metals. Financing was restricted for some commodities such as diamonds and some alloys. Regarding the project itself, he said the company should obviously have a thorough understanding of the project challenges and risk mitigating. Miners need to be confident in their ability to demonstrate robust economics and use conservative long term assumptions for financing, Wickins advised, adding that a well-planned strategy and coordinated execution was the key to successful mine financing. Wickins advised companies to consider the involvement of advisors which allowed the management team to focus on the mine development and maximised the likelihood of a successful financing. He also said a miner should have a clear understanding of the various funding sources that could be targeted, both debt and equity, and a clear strategy on how and when to approach each source. "While the short term market volatility presents challenges to mining companies, we will be focusing on those companies with strong management teams, quality assets, solid track records and a commitment to detailed technical review work. Those are the companies that will weather the storm and secure funding," Wickins said.As the professional manufacturer of complete sets of mining machinery, such as
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