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Cyrus Capital Partners

Cyrus Capital Partners
Based in New York
Active in Greenland
Targeted base metals

Cyrus Capital Partners is a US employee-owned hedge fund sponsor, investing in public equity and fixed income markets of the United States and Europe.

The firm, previously known as Och-Ziff Freidheim Capital Management, was founded in August, 1999 and is based in New York, New York with additional offices in London, United Kingdom and Stamford, Connecticut.

(See also: Och-Ziff Capital Management Group LLC)

In November 2008 it offered US$12. 5 million to Angus & Ross PLC, to develop its prime asset, the Black Angel lead-zinc mine (currently closed) in western Greenland [Hemscott 12 February 2009].

Later the mining company intended to raise US$60 million from Cyrus, but abandoned the plan when it had difficulty in repaying the earlier loan, because of the meltdown in global markets. In mid-2009, the loan was apparently “re-structured” and Angus & Ross said it intended to change its name to Angel Mining plc [MJ 7 August 2009].

However, nearly a year later, as Angel Mining plc defaulted on a financing agreement with FBC Holdings (a financial services group based in Zimbabwe), the project became delayed further [MJ 28 May 2010].

Meanwhile, Angel Mining has been mining Greenland gold from its Nalunaq mine but this too encountered problems when production was halted in October 2012, due to lack of power. Cyrus then extended its loans to the company by US$2 million, bringing the amount owed by Angel to US$30.4 million, repayable by February 2012.

Angel also granted Cyrus an option to acquire 75% of the issued share caital of Angel's subsidiary, Arctic Mining Ltd [MJ 26 October 2012].

However, all this seemed to no avail: in January 2013, Angel Mining suspended trading on AIM, as it prepared to "re-structure" its financial position with its creditors by February 3 [MJ 25 January 2013].