Appointment of underwriters and mandated lead arrangers for Continentals Xietongmen Project debtadmin
Monday, August 25th 2008
Continental Minerals Corporation announces the engagement of Standard Bank Plc, the principal international investment banking subsidiary of the Standard Bank Group Limited, jointly with the Industrial and Commercial Bank of China as Underwriters and Mandated Lead Arrangers for the project finance debt facility for the development of the Xietongmen Project.
Standard Bank is a leading global emerging markets corporate and investment bank and is Africa’s leading banking and financial services group. It has core international franchise expertise in providing project finance to the mining sector alongside hedging, commodity trading, M&A advisory and sourcing and structuring capital markets, trade and project-related transactions.
ICBC is the biggest commercial bank in China. With its leading market position, high-quality customer base, diversified business structure, strong ability of innovation, market competitiveness and excellent brand value in China, ICBC is now helping corporate and personal customers from all over the world to manage assets and create wealth.
President and CEO David Copeland said: “The engagement of Standard Bank and ICBC, leading financing institutions, as underwriters and lead arrangers is a key element in advancing the Xietongmen Project to production. Standard Bank and ICBC bring specialist mining combined with international and China specific expertise to the project financing.”
Xietongmen is a post-feasibility stage copper-gold project, located in the Tibet Autonomous Region of China. Currently focused on basic engineering and a mining license application for the project, Continental’s objective is to design and build an operation that meets international standards, and contributes positively to the economic development of the region.