South African ECA To Back $88M Loan For Gold Mine

Law360, New York (September 25, 2013, 3:22 PM EDT) -- South Africa's export-credit agency on Monday said it would guarantee and provide risk insurance for an $88 million loan from two South African banks to help Aureus Mining Inc. develop Liberia's first commercial gold mine.

The Export Credit Insurance Corp. of South Africa SOC Ltd. — that country's version of the U.S. Export-Import Bank — will backstop the loan, which is being fronted by Nedbank Capital and Rand Merchant Bank and was announced earlier this month.

The ECIC said it had received all the approvals to...
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