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Client Work

Amara Mining signs US$20 million Gold Prepayment Agreement with Samsung C&T

Fasken
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Overview

Client

Amara Mining plc

Amara Mining plc (formerly Cluff Gold plc) (the “Company”) signed a US$20 million gold prepayment agreement with Samsung C&T Corporation. The parties also entered into a memorandum of understanding for a long-term strategic partnership.   The funds made available under the gold prepayment agreement will be used to strengthen the Company’s balance sheet to ensure the Company remains well funded to continue the ongoing exploration and development work across its asset portfolio in West Africa. The gold prepayment agreement benefits from share security over the Company’s subsidiary Cluff Mining (West Africa) Limited and also provides for the Company to supply Samsung with 1,929 ounces of fine gold each month  at a discounted rate of 2.25% to the LBMA dollar gold fixing price. Fasken Martineau advised Amara Mining in this transaction with a team led by Thomas Wexler (finance/project finance) with assistance from Samantha Symons (finance/project finance) and Claire Read (corporate).

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