Northland Appoints Banks for Project Financing

Northland Resources S.A. announce that the Company has appointed and retained leading global mining finance and investment banks – Societe Generale, UniCredit Bank AG and WestLB AG as exclusive Mandated Lead Arrangers in the proposed project financing of the Kaunisvaara Iron Concentrate Project. The Facility will be subject to each Mandated Lead Arranger securing its internal credit approvals,... 

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Agnico-Eagle increases credit lines to over US$900 million

Agnico-Eagle Mines Limited, a long established Canadian gold producer with operations located in Quebec and Finland and exploration and development activities in Canada, Finland, Mexico and the United States, announced that it has executed a new non-amortizing US$600 million revolving credit facility, maturing June 2012. The new facility replaces a pre-existing US$300 million tranche of the Company’s... 

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Great Basin Gold Announces Progress on Burnstone Project Funding

Great Basin Gold Ltd. announced that it has granted a mandate to Investec Bank Limited for the arranging of project funding for the Company’s Burnstone project in South Africa. The facility consists of a ZAR850 million (US$106 million) senior debt facility and a ZAR180 million (US$23 million) standby debt facility to cover potential cost overruns. Significant progress has been made in the finalization... 

Golden Dawn Minerals Completes Acquisition of 6891667 Canada Inc.

Freeman Smith, President of Golden Dawn Minerals Inc. announce the completion of the acquisition of all of the outstanding securities of 6891667 Canada Inc., a private Ontario company. Pursuant to this acquisition, Golden Dawn has acquired all of the assets of Canada Inc., which include approx. $1,000,000 of flow-through funds (less noted expenses) and an option to acquire an iron ore property near... 

Mariner Energy Discloses Results at the Surge Prospect on Garden Banks Block 334

Mariner Energy, Inc. announced that drilling is complete on its Surge prospect, a deepwater exploratory well located on Garden Banks Block 334 in the Gulf of Mexico. The well was successfully drilled to a total depth of approximately 15,000 feet but failed to encounter hydrocarbons in commercial quantities and was plugged. Mariner operated the well and holds a 40% working interest in the block, which... 

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IFC Provides Financing to Peru’s Oil and Gas Industry Amid Global Credit Crisis

IFC, a member of the World Bank Group, has disbursed a $15 million loan to BPZ Exploración y Producción SRL, supporting a growing Latin American oil and gas company in making use of Peru’s natural resources during a time of tight credit markets. BPZ Exploración y Producción is a Peruvian subsidiary of BPZ Resources, Inc. As the global financial crisis has made raising money difficult for the... 

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Plains All American Pipeline, L.P. Announces $525 Million Committed Inventory Credit Facility

Plains All American Pipeline, L.P. announced that it has entered into a new $525 million committed hedged inventory credit facility, maturing in November 2009. Borrowings under the facility will be primarily used to finance the purchase of hedged crude oil inventory for storage activities when market conditions warrant as well as foreign import activities. The new committed facility replaces a $1.2... 

Marathon Board Approves Deepwater Gulf of Mexico Droshky and Ozona Development Projects

Marathon Oil Corporation announced that its Board of Directors has sanctioned two Gulf of Mexico development projects, Droshky and Ozona. The Board approved a total project cost of $1.3 billion for the Droshky development and $300 million for the Ozona development. “As we continue to strengthen Marathon’s Gulf of Mexico portfolio, the Droshky development will add profitable production and... 

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MagMinerals Potash Updates a Group of International Development Banks and Export Credit Agencies and Signs Contracts to Further its Potash Project in the Republic of Congo

MagMinerals Potash Corp, a subsidiary of MagIndustries report that on October 9-10th it engaged in two days of meetings organized by its debt funding financial adviser, BNP Paribas, to update a group of international lenders with respect to its planned Kouilou Potash mining and processing plant (the “Project”) in the Republic of Congo (“ROC”). The ten banks in attendance, all... 

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Delta Petroleum Corporation Announces Increased Commitments for New Revolving Credit Facility to $295 Million

Delta Petroleum Corporation, an independent oil and gas exploration and development company, announced that it has received commitments from its expanded bank group for a new $590 million revolving credit facility (the “credit facility”) with an initial borrowing base of $295 million, an increase from the previous borrowing base of $250 million. The increase to both the borrowing base and... 

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