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Tendencies in Mining Finance
Tendencies in Mining Finance
Tendencies in Mining Finance
Tendencies in Mining Finance
Tendencies in Mining Finance
Tendencies in Mining Finance
Tendencies in Mining Finance
Tendencies in Mining Finance
Tendencies in Mining Finance
Tendencies in Mining Finance
Tendencies in Mining Finance
Tendencies in Mining Finance
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Tendencies in Mining Finance

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Relevant legislation in aspects of financing, as well as a number of challenges to be dealt with in the future, as a precondition for increase in project finance and alternative financing models in …

Relevant legislation in aspects of financing, as well as a number of challenges to be dealt with in the future, as a precondition for increase in project finance and alternative financing models in Serbia’s mining sector.

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  • 1. karanovic/nikolic Selected Tendencies in Mining Finance 3rd International Conference on Mineral Resources in the Republic of Serbia - Belgrade, 1 November 2013
  • 2. karanovic/nikolic Local Regulatory Framework ▬ Law on Mining and Geological Explorations — ▬ Law on PPP and Concessions — 2 Novelties announced Investor/financier friendly solutions 3rd International Conference on Mineral Resources in the Republic of Serbia - Belgrade, 1 November 2013
  • 3. karanovic/nikolic Relevant loan collaterals BANKABILITY OF THE PROJECT The position of the Lenders 3 Reputational issues, other projects Anticipated cash flow margin 3rd International Conference on Mineral Resources in the Republic of Serbia - Belgrade, 1 November 2013
  • 4. karanovic/nikolic PROJECT FINANCE 4 3rd International Conference on Mineral Resources in the Republic of Serbia - Belgrade, 1 November 2013
  • 5. karanovic/nikolic Project Finance & PPP ▬ ▬ Questionable relations between the SPV, partners and the lenders? ▬ Securing the loan in PPP transactions ▬ 5 Possibilities under the Law on PPP and Concessions Limitations 3rd International Conference on Mineral Resources in the Republic of Serbia - Belgrade, 1 November 2013
  • 6. karanovic/nikolic Direct Agreements & PPP ▬ ▬ Law on PPP and Direct Agreements ▬ Prior approval of the authority ▬ 6 Concept of Direct Agreements Local practice 3rd International Conference on Mineral Resources in the Republic of Serbia - Belgrade, 1 November 2013
  • 7. karanovic/nikolic Comparison of Available Security ▬ ▬ Direct Agreements favored by financiers ▬ 7 Traditional collaterals vs. Direct Agreements Pledge over concession rights? 3rd International Conference on Mineral Resources in the Republic of Serbia - Belgrade, 1 November 2013
  • 8. karanovic/nikolic Other Finance Models ▬ ▬ Private Equity ▬ Mezzanine Finance ▬ 8 IFI Equity Commodity Streaming 3rd International Conference on Mineral Resources in the Republic of Serbia - Belgrade, 1 November 2013
  • 9. karanovic/nikolic The concept of MF MEZZANINE FINANCE Hybrid nature Higher rate of return 9 Local possibiliti es/issues 3rd International Conference on Mineral Resources in the Republic of Serbia - Belgrade, 1 November 2013
  • 10. karanovic/nikolic The concept of stream financing Features of commodity streaming COMMODITY STREAMING Global experiences + Commodity Forwards 10 Local possibilities 3rd International Conference on Mineral Resources in the Republic of Serbia - Belgrade, 1 November 2013
  • 11. karanovic/nikolic Contact Miloš Vučković SENIOR PARTNER milos.vuckovic@karanovicnikolic.com Resavska 23 11000 Belgrade Serbia T + 381 11 3094 200 F + 381 11 3094 223 11 3rd International Conference on Mineral Resources in the Republic of Serbia - Belgrade, 1 November 2013
  • 12. karanovic/nikolic Thank you

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