Equator Principles: Mining, Oil & Gas Deal Transparency

Used to more user friendly disclosure practices of multilateral financial institutions like the IFC or the EBRD, advocacy groups lament lack of deal transparency by Equator Banks. Although there is room for improvement, I wonder if the existing market transparency is already being leveraged enough.Take the Canadian Financing Bulletin (CFB) , which describes itself as the leader in aggregation, analysis, and delivery of information about financing activities on Canadian public capital markets. Now consider that Canada is a preferred listing place for mining companies. Note that the lion share of financing is raised for projects being developed outside of Canada. And – voila - you suddenly have a lot more market transparency at your finger tips. OK – still not as easy as the automated emails by the EBRD announcing the availability of environmental impact assessment you can downloaded instantly. Still, worth a closer look.

CFB website contains a lists or proposed and/or closed deals since October 2009. The mining list contains over 250 entries. The 35 entries which exceed $10 million are listed further below (sorted by deal size and company name). An interesting question to pursue further would be if all the projects underlying these finance deals are aligned with Equator Principles and the IFC Performance Standards. Perhaps an opportunity for value-added research and advocacy efforts...

The original list, which includes addition information such as regions, mining can be accessed for mining here and its equivalent for oil and gas is posted here. Are these sources of information being used? Are you aware of similar other sources of information which could be used?

Proposed and/or closed deals > ca $10 million, sorted by deal size

Ivanhoe Mines Ltd $403,125,908.46
Equinox Minerals Ltd $400,000,000.00
Moly Mines Ltd $209,441,100.18
Formation Capital Corp $105,370,189.67
Cons Thompson Iron Mines Ltd $102,910,000.00
Royal Gold Inc $100,000,000.00
Aura Gold Inc $75,600,000.00
CGA Mining Corp $74,800,000.00
Guyana Goldfields Inc $69,500,000.00
Gabriel Resources Ltd $67,500,000.00
SouthGobi Energy Resources Ltd $45,900,000.00
Augusta Resource Corp $42,148,000.00
Rainy River Resources Ltd $40,005,900.00
Kirkland Lake Gold Inc $32,014,125.00
Premier Gold Mines Ltd $32,000,000.00
Fortuna Silver Mines Inc $30,015,000.00
Tiger Resources Ltd $29,043,900.00
Brett Resources Inc $26,092,500.00
Alexco Resources Corp $25,725,000.00
B2Gold Corp $25,000,000.00
Timmins Gold Corp $15,856,500.00
PolyMet Mining Corp $15,856,499.00
Strateco Resources Inc $15,000,000.00
Duluth Metals Ltd $14,912,840.00
Mantra Resources Ltd $12,000,000.00
Stornoway Diamond Corp $11,500,000.00
Nevada Copper Corp $11,250,000.00
Loncor Resources Inc $10,800,000.00
Catalyst Copper Corp $10,500,000.00
Dorato Resources Inc $10,470,442.50
Barkerville Gold Mines Ltd $10,206,200.00
Barkerville Gold Mines Ltd $10,206,200.00
Orezone Gold Corp $10,005,000.00
Alderon Resources Corp $10,000,000.00
Mirabela Nickel Ltd $9,775,763.44

Proposed and/or closed deals > ca $10 million, sorted by company name

Alderon Resources Corp $10,000,000.00
Alexco Resources Corp $25,725,000.00
Augusta Resource Corp $42,148,000.00
Aura Gold Inc $75,600,000.00
B2Gold Corp $25,000,000.00
Barkerville Gold Mines Ltd $10,206,200.00
Barkerville Gold Mines Ltd $10,206,200.00
Brett Resources Inc $26,092,500.00
Catalyst Copper Corp $10,500,000.00
CGA Mining Corp $74,800,000.00
Cons Thompson Iron Mines Ltd $102,910,000.00
Dorato Resources Inc $10,470,442.50
Duluth Metals Ltd $14,912,840.00
Equinox Minerals Ltd $400,000,000.00
Formation Capital Corp $105,370,189.67
Fortuna Silver Mines Inc $30,015,000.00
Gabriel Resources Ltd $67,500,000.00
Guyana Goldfields Inc $69,500,000.00
Ivanhoe Mines Ltd $403,125,908.46
Kirkland Lake Gold Inc $32,014,125.00
Loncor Resources Inc $10,800,000.00
Mantra Resources Ltd $12,000,000.00
Mirabela Nickel Ltd $9,775,763.44
Moly Mines Ltd $209,441,100.18
Nevada Copper Corp $11,250,000.00
Orezone Gold Corp $10,005,000.00
PolyMet Mining Corp $15,856,499.00
Premier Gold Mines Ltd $32,000,000.00
Rainy River Resources Ltd $40,005,900.00
Royal Gold Inc $100,000,000.00
SouthGobi Energy Resources Ltd $45,900,000.00
Stornoway Diamond Corp $11,500,000.00
Strateco Resources Inc $15,000,000.00
Tiger Resources Ltd $29,043,900.00
Timmins Gold Corp $15,856,500.00

 

About the author: Mehrdad Nazari (MBA, MSc, LEAD Fellow) is a Corporate Responsibility, Sustainability Reporting & ESIA Advisor, and Director of Prizma. He was previously an environmental consultant with Dames & Moore, Principal Environmental Specialist at the EBRD and CSR Research Director at CoreRatings. Mehrdad is a GRI-approved trainer on GRI's sustainability reporting framework and a licensed AA1000 Assurance Provider.

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