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Publish Date : 09-Nov-2018

Norton Rose Fulbright South Africa has advised Pangaea Investment Management, an associate of Chinese copper giant Jiangxi Copper, on a large and highly complex US$200 million platinum metal purchase transaction with the Lonmin group, the third largest global platinum producer. The funds were released to the Lonmin group from escrow in October 2018.

Led out of the Johannesburg office by banking and finance partner, Mike Mclaren and mergers and acquisitions partner, Georg Kahle, the multi-disciplinary team advised the funder on this highly complex and innovative funding transaction, both on South-African and English-law.

The landmark transaction in South Africa enables the Lonmin group to refinance its significant, and highly restrictive, existing indebtedness to its South African and International creditors, helps strengthen Lonmins balance sheet with additional working capital, and primes the group for the much anticipated merger with Sibanye Stillwater. The market-leading transaction reaffirms the continued commitment by China to its Belt and Road initiative.

The complex transaction, completed within a short timeframe, involved a large number of Lonmins existing creditors across the South African and international lender syndicates. The Norton Rose Fulbright team developed an innovative refinancing structure and transaction implementation protocol to ensure that the transaction was timeously implemented in a manner that not only satisfied the clients needs and requirements, but also fulfilled all of the Lonmin groups objectives.

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