Fruta del Norte Gold and Silver Mining Project in Ecuador


Pérez Bustamante & Ponce, Shearman & Sterling LLP, Lexim Abogados and Norton Rose Fulbright have advised on the transaction

Orion Resource Partners (USA) LP and its affiliates (“Orion”) and The Blackstone Group’s Blackstone Tactical Opportunities division (“Blackstone”), as lenders and investors, finalized a debt and equity financing of approximately $400 to $450 million of the Fruta del Norte gold and silver mining project in Ecuador, being developed by Aurelian Ecuador, S.A., an affiliate of Lundin Gold Inc.

The financing contemplates a $150 million gold prepay credit facility and a $150 million stream credit facility, with affiliates of Orion and Blackstone acting as lenders under the respective facilities. The financing is also comprised of an equity investment in Lundin Gold Inc. by way of an Investment Agreement for up to $150 million.

Shearman & Sterling has advised rion Resource Partners (USA) LP and Blackstone Tactical Opportunities Fund L.P. with a team including partners Cynthia Urda Kassis (Picture) and Alexandro M. Padrés (both New York-Project Development & Finance); associates Augusto Ruiloba (New York-Project Development & Finance), Ali Hassanali (New York-Project Development & Finance) and Kelsey Scribner (New York-Corporate); and visiting attorneys Ignacio Valenzuela (New York-Project Development & Finance) and Carolina Zanolo (New York-Mergers & Acquisitions).

Pérez Bustamante & Ponce advised Orion CO-V Pte. Ltd. with Bruno Pineda, Jaime Zaldumbide, Natalia Almeida, María Isabel AillLexim Abogados advised Aurelian Ecuador S.A. with Rodrigo Borja Calisto, Santiago Bustamante and Francisco Ortiz.

Norton Rose Fulbright advised Aurelian Ecuador S.A. with Alison Babbitt.

ón, Belén Jaramillo, Carmen Simone, Susan Uquillas, Miguel González and Ricardo Pérez.

Involved fees earner: Bruno Pineda-Cordero – Pérez Bustamante & Ponce; Natalia Almeida-Oleas – Pérez Bustamante & Ponce; Ricardo Pérez Irarrázaval – Pérez Bustamante & Ponce; Jaime Zaldumbide Serrano – Pérez Bustamante & Ponce; María Isabel Aillón Vásconez – Pérez Bustamante & Ponce; Belén Jaramillo Álvarez – Pérez Bustamante & Ponce; Carmen Simone Lasso – Pérez Bustamante & Ponce; Susan Uquillas-Mosquera – Pérez Bustamante & Ponce; Miguel Mariano González Ramírez – Pérez Bustamante & Ponce; Rodrigo Borja Calisto – LeximAbogados; Santiago Bustamante Sáenz – LeximAbogados; Francisco Ortiz Pérez – LeximAbogados; Alison Babbitt – Norton Rose Fulbright; Cynthia Urda Kassis – Shearman & Sterling; Alexandro Padrés – Shearman & Sterling; Augusto Ruiloba – Shearman & Sterling; Ali Hassanali – Shearman & Sterling; Kelsey Scribner – Shearman & Sterling;

Law Firms: Pérez Bustamante & Ponce; LeximAbogados; Norton Rose Fulbright; Shearman & Sterling;

Clients: Blackstone Tactical Opportunities Fund L.P. ; Orion Resource Partners; Aurelian Ecuador, S.A.;

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Author: Ambrogio Visconti