Buriticá gold mine

Overview:

• Buriticá gold mine
• Canadian mining company Continental Gold has obtained $250 million to develop the Buriticá gold mine.
• The mine is located in the Colombian jurisdiction of Antioquia.
• The lender was RK Mine Finance Master Fund I, a special purpose vehicle (SPV) of Bermuda-based company Red Kite.
• This was the largest project finance deal in the history of Colombian mining.
• The loan has a duration of 7.25 years and is structured in three tranches: the first for $100 million, the second for $100 million and the third for $50 million to be delivered when the project is at least 65% finished and when the company has enough capital to complete the project. 
• Most of the Colombian mining sector is informal, making this type of financing especially rare in the country's mining industry. 

Kurt Stumpo - Journalist