EMEA: Eritrea – Bisha banks bail
Nevsun Resources has raised US$110m through a share placement to develop its Bisha gold/silver/copper/zinc mine after the US$235m project debt package’s European lenders – as well as the German government, which was to provide political risk cover through its UFK programme – stalled over draw down following UN sanctions against host country Eritrea in December. Although none of the lenders have definitively cancelled agreements yet, Nevsun has switched to an equity model as it is keen to push on
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