From Finance Institutions in Mining

Jump to: navigation, search
This page was last modified on 19 January 2015, at 19:07.

Commonwealth Bank of Australia

Commonwealth Bank of Australia
Based in Sydney
Active in Australia, Indonesia, Western Australia
Targeted precious metals

Commonwealth Bank of Australia

OZ Minerals, in January 2009, secured an Aus$140 million ($91 million) bridging loan from a banking syndicate comprising ANZ Banking Group, Bank of Scotland International, BNP Paribas, Commonwealth Bank of Australia, Bayerische Hypo- und Vereinsbank AG (Singapore), National Australia Bank and Royal Bank of Scotland. The money was mainly to be used for “short-term cash needs” the company’s Golden Grove and Prominent Hill operations in Australia and its Martabe gold-silver project in Indonesia [Metal Bulletin, 23 January 2009] (See also: Societe Generale/SG).

In December 2008, along with Societe Generale Australia Branch, the Commonwealth Bank arranged a debt facility for Avoca Resources Ltd’s US$47.2 million Higginsville gold project in Western Australia [MJ 12 December 2008].

By February 2009, it had secured 4.5% equity in Albidon Ltd (see African Lion Ltd) [Hemscott 12 Februray 2009] and 4.99% of Allied Gold Ltd (see HSBC Global Custody Nominees) [Hemscott 12 February 2009].

It was another five years before Commonwealth Bank appeared again on our radar, when it agreed on a gold prepay facility with Australian-listed mining company Pacific Niugini, worth Aus$11.5 million which, Mining Journal noted, "follow[ed] Citibank's Aus$40.44 million gold prepay arrangement signed in September [2014] with another WA [Western Australian] gold developer, Metals X" [MJ 19-26 December 2014]