ADVISED GOLDMAN SACHS AND COFIDE IN THE US$ 70 MM SECURED FINANCE FACILITY GRANTED TO MINERA IRL, FOR THE OLLACHEA PROJECT.

Hernández & Cía. Abogados has advised Goldman Sachs -leading global investment banking- and COFIDE –development bank of the Peruvian State- in the US$ 70 million secured finance facility (bridge loan) granted to Minera IRL S.A., a subsidiary of Minera IRL Limited, a publically traded Latin American precious metals mining, mine development and mineral exploration company, focused primarily on gold. 

The proceeds of the credit facility will be used to pay for the costs of the Ollachea Project (gold mining project located in southern Peru about 250 kilometers north of Lake Titicaca) and the repayment in full of the existing indebtedness that Minera IRL had with Macquarie Bank Limited and Rio Tinto Mining and Exploration. The bridge loan is expected to be the first step towards a senior project credit finance facility of up to US$240 million.

As part of the financing structure, Hernández & Cía. Abogados worked on a complete local security package which consisted of a mortgage on the mining concessions, a security pledge over the shares of Minera Kuri Kullu (Minera IRL direct subsidiary and responsible for developing the Ollachea project) and an assignment of rights of Minera IRL in the EPCM contract that will be signed for developing the project.

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