Work is underway for SepFluor Ltd, SA’s new fluorspar mining entrant, thanks to a landmark transaction driven by Nedbank CIB.
As the leading corporate and investment bank specialising in financing solutions for mining throughout Africa and abroad, Nedbank CIB was the only bank on the continent involved in the transaction. NCIB acted as mandated lead arranger. The transaction enabled Nokeng to develop its open pit fluorspar mine and concentrator at Rust de Winter, 80 kilometres northeast of Pretoria.
Greg Webber, Head: Mining Finance, Nedbank CIB, said this greenfields project – involving a new company, mines and mineral – will release some of the value of SA’s significant fluorspar deposits. The commissioning of Nokeng is expected to begin in November 2018 with first production in February 2019.
“South Africa is known to have the largest fluorspar reserves globally, which is recognised as a strategic mineral by the US and European Union. “It is mined for the production of calcium chloride which is a vital component in several industrial applications, including steel production.”
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