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US$300 million debt facility for Geita Gold Mine

US$300 million debt facility for Geita Gold Mine

author

Staff writer

2 mins

2 mins

Nedbank CIB strives to be the mining financier of choice for African gold producers, having arranged debt facilities of over US$2 billion for African gold companies.

The Nedbank Corporate and Investment Banking (CIB) Mining and Resources and Syndication and Distribution Teams are pleased to announce the successful closing of a US$300 million dual-currency revolving credit facility for AngloGold Ashanti’s Geita Gold Mine in Tanzania.

This transaction has strengthened the long-standing partnership between Nedbank and AngloGold Ashanti and has reinforced Nedbank’s position as a key financial partner in Africa’s gold mining sector over the years. Nedbank CIB syndicated this exposure to Tanzanian banks in local currency (TZS) and coordinated the successful closing of the facility, further embedding its operations within the Tanzanian financial sector.

 

Supporting AngloGold Ashanti, one of the largest gold producers in the world

Nedbank CIB has been a long-standing financing partner to AGA, having supported many of their African operations over the years, including those in Guinea, Ghana, Tanzania and Egypt.

AGA appointed Nedbank CIB as the sole underwriter, mandated lead arranger, and bookrunner to provide its Geita Gold Mine with a US$300 million fully underwritten debt facility with a tenor of 3 years plus an extension option. This facility was structured to meet local content regulations through syndication of a portion of the commitment to a consortium of local Tanzanian banks.

This approach gives AGA certainty of funds and access to local currency funding and will help the mine deliver on its local content obligations.

 

Leading financier to African gold producers with over US$2 billion in debt facilities

Nedbank CIB strives to be the mining financier of choice for African gold producers. Over the past 12 months, it has arranged debt facilities of over US$2 billion for African gold companies. As the largest financier to African gold producers, Nedbank CIB supports its clients throughout the cycle.

Nedbank CIB has the ability and sophistication to provide clients with large underwritten solutions, and its highly experienced Syndication and Distribution Team has a vast distribution network that can successfully bring additional lenders into the syndicate for the borrower’s benefit. This deal is a testament to our ability to provide large, underwritten solutions to our clients through leveraging our syndication and distribution expertise. Through our partnership with Ecobank and our large pan-African footprint, we can provide African miners with extensive facilities to assist them in developing world-class assets of scale and provide in-country banking and expertise.

 

Powering Geita to continue boosting the Tanzanian economy

The mine employs approximately 7 000 people, with 97.5% being Tanzanian. Since its inception in 2000, Geita has contributed more than US$2.5 billion to the Tanzanian fiscus, making it one of the largest taxpayers in the country. The mine also works with over 600 locally owned businesses and conducts capacity-building exercises to support local content through its procurement.

 

Tanzania’s mining sector and foreign direct investment

Tanzania aims to attract foreign direct investment into the country, with the government targeting the mining sector so it can contribute 10% of GDP by 2025. Nedbank’s support of Geita Gold Mine allows it to assist in developing the Tanzanian mining sector and the broader economy.

By securing this funding, Nedbank CIB supports Tanzania’s goal of increasing the mining sector’s contribution to GDP while reinforcing its position as a leading financier across the gold value chain in Africa.