The document proposes a structured product called the "Retaining Wall" to generate mineral wealth in Guyana. It would provide financing to mining companies in Guyana through a convertible bond guaranteed by MIGA. This would help attract investors, reduce volatility, eliminate cost pressures through scale, and realize the dormant value of mining projects. The product is needed because individual companies cannot access sufficient capital given financial market constraints and project risks. It would allocate risk across senior and subordinated tranches to provide an attractive risk-return proposition for all parties.
International Lithium Presentation December 2016Kirill Klip
International Lithium Presentation December 2016.
International Lithium Corp. (“ILC”) a “Clean Tech” lithium resource developer with a global portfolio of lithium assets. It is 18.7%. owned by TNR Gold Corp (TNR:TSX).
International Lithium Corp. (“ILC”) currently holds highly prospective projects in the most prolific areas of the world for lithium and rare metals. ILC has recently reinforced its relationship with strategic partner Jiangxi Ganfeng Lithium Co Ltd, from China, through an increased equity stake of 18.1% to further advance the core ILC projects.
Goldmoney: the global network for gold. August 2016 updateNigel Mark Dias
You can make gold your money
goo.gl/zRlD8h
What is Goldmoney?
• World’s largest 100% reserved gold savings & payments network
• Democratizes access to gold savings & instant gold transfers (anyone can earn gold for their productivity)
• Helps under banked & under served citizens protect their purchasing power
• Building global client relationships by unlocking network utility of a global money base
Gold has been a commodity money for 6,000 years due to its natural properties. It’s also the world’s best performing currency… by a wide margin.
As a store of value, gold is more stable and less volatile than most people recognize – especially when measured against the world’s vast sea of 196 individual government issued currencies.
“
Devoid of modern savings and settlement innovation, gold as money hasn’t been easy or practical for centuries. Until Now…
Introducing Goldmoney
Using technology to make gold easily accessible through a modern global network, making it the best way to save, spend, or earn gold, anywhere in the world.
Goldmoney: the global network for gold.
August 2016 update
The gold standard for the 21st century
http://goo.gl/zRlD8h
International Lithium Presentation December 2016Kirill Klip
International Lithium Presentation December 2016.
International Lithium Corp. (“ILC”) a “Clean Tech” lithium resource developer with a global portfolio of lithium assets. It is 18.7%. owned by TNR Gold Corp (TNR:TSX).
International Lithium Corp. (“ILC”) currently holds highly prospective projects in the most prolific areas of the world for lithium and rare metals. ILC has recently reinforced its relationship with strategic partner Jiangxi Ganfeng Lithium Co Ltd, from China, through an increased equity stake of 18.1% to further advance the core ILC projects.
Goldmoney: the global network for gold. August 2016 updateNigel Mark Dias
You can make gold your money
goo.gl/zRlD8h
What is Goldmoney?
• World’s largest 100% reserved gold savings & payments network
• Democratizes access to gold savings & instant gold transfers (anyone can earn gold for their productivity)
• Helps under banked & under served citizens protect their purchasing power
• Building global client relationships by unlocking network utility of a global money base
Gold has been a commodity money for 6,000 years due to its natural properties. It’s also the world’s best performing currency… by a wide margin.
As a store of value, gold is more stable and less volatile than most people recognize – especially when measured against the world’s vast sea of 196 individual government issued currencies.
“
Devoid of modern savings and settlement innovation, gold as money hasn’t been easy or practical for centuries. Until Now…
Introducing Goldmoney
Using technology to make gold easily accessible through a modern global network, making it the best way to save, spend, or earn gold, anywhere in the world.
Goldmoney: the global network for gold.
August 2016 update
The gold standard for the 21st century
http://goo.gl/zRlD8h
November 2017 North Arrow Minerals Corporate Updatenarminerals
An overview of North Arrow Minerals' projects with a focus on the 100% owned Naujaat Project and Mel Diamond Projects. Other active projects touched upon include the Lac de Gras and Loki Projects in the Lac de Gras region, the Pikoo Project in SK, and the Hope Bay Oro Gold Project, on strike from the Doris Mine in NU.
Objective Capital Rare Earths, Speciality and Minor Metals Investment Summit
Focus on rare earths projects around the world
The Archie Lake Rare Earth Element Property in Saskatchewan
18 March 2010
by Peter Dickie, Quantum Rare Earth Developments
Development Stage Gold Companies Value Proposition TimelineCapstone Headwaters
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the American Exploration & Mining Association's 120th Annual Conference in Reno, NV.
Corex Gold Corporate Presentation October 2017 MomentumPR
Corex Gold (CGE:TSXV) is a Canadian-based resource exploration and development company targeting near-term gold production of its Santana Property, Sonora, Mexico. The Company is traded on the Toronto Venture Exchange under the symbol: CGE.
Corex Gold Corp has established itself as one of the premier exploration companies in Mexico. The Company consists of a highly qualified technical team with extensive Mexico-based exploration experience including previous gold discoveries and expertise in geology, financing and public company management.
We are in the business of creating shareholder wealth through the discovery of new gold deposits with a 100% focus on Mexico. As an emerging mineral exploration company, investors have the opportunity to participate in a high quality exploration project and in turn the potential to take part in a major gold discovery.
November 2017 North Arrow Minerals Corporate Updatenarminerals
An overview of North Arrow Minerals' projects with a focus on the 100% owned Naujaat Project and Mel Diamond Projects. Other active projects touched upon include the Lac de Gras and Loki Projects in the Lac de Gras region, the Pikoo Project in SK, and the Hope Bay Oro Gold Project, on strike from the Doris Mine in NU.
Objective Capital Rare Earths, Speciality and Minor Metals Investment Summit
Focus on rare earths projects around the world
The Archie Lake Rare Earth Element Property in Saskatchewan
18 March 2010
by Peter Dickie, Quantum Rare Earth Developments
Development Stage Gold Companies Value Proposition TimelineCapstone Headwaters
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the American Exploration & Mining Association's 120th Annual Conference in Reno, NV.
Corex Gold Corporate Presentation October 2017 MomentumPR
Corex Gold (CGE:TSXV) is a Canadian-based resource exploration and development company targeting near-term gold production of its Santana Property, Sonora, Mexico. The Company is traded on the Toronto Venture Exchange under the symbol: CGE.
Corex Gold Corp has established itself as one of the premier exploration companies in Mexico. The Company consists of a highly qualified technical team with extensive Mexico-based exploration experience including previous gold discoveries and expertise in geology, financing and public company management.
We are in the business of creating shareholder wealth through the discovery of new gold deposits with a 100% focus on Mexico. As an emerging mineral exploration company, investors have the opportunity to participate in a high quality exploration project and in turn the potential to take part in a major gold discovery.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
3. Intro: Motivation
•
•
We will address a common problem to a specific industry in a specific country.
We talk about the mine financial industry, its problems, and propose a solution.
What are we solving today…and How?
•
•
•
•
•
Finding companies money through a convertible bond –
Guaranteed by MIGA
Enabling us to Attract Investors
Reducing volatility of the asset class.
Eliminating cost pressure by World Class Management.
Company
Guyana Goldfields (1775 oz)
Sandspring Resources (1,373 oz)
First Bauxite
Company
Guyana Goldfields (1775 oz)
Sandspring Resources (1,373 oz)
First Bauxite
Absolute
CAD Market Cap.
$
229
$
64
$
22
$
315
NPV % increase over Market caps.
• Pie in the sky or gold in the ground?
Intro
Why Guyana
Why Product?
Structural Benefits,
R/R.
Conclusion
$
$
$
$
Pre-tax NPV
1,683
1,259
157
3,099
884%
4. Intro: Motivation
• What kind of
companies are these?
Project Name
Company
Aurora Gold Project
Toroparu Gold/Copper Project
Bonasika Bauxite Project
Total
Feasibility capital cost
Guyana Goldfields
Inc. (Operator)
Sandspring
Resources Ltd.
(Operator)
First Bauxite
Corporation
(Operator)
Total
$
Amt Raised
1,291,000,000 $
$
86,426,000
482,000,000
$
$
$
92,554,000
160,800,000 $
1,933,800,000 $
Equity Capital Raised as % of Feas. Costs
178,980,000
9.26%
Market Cap as % of Feas. Costs
16.29%
Project Name
Company
Aurora Gold Project
Toroparu Gold/Copper
Project
Bonasika Bauxite
Project
Total
Guyana Goldfields Inc. (Operator)
$
First Bauxite Corporation (Operator)
$
$
• Toroparu: 6 million
ounces of contained
material.
• Bonasika: 13 m
tonnes.
Feasibility Capital Amt Raised (5
Cost
years)
$
1,291,000,000 $ 86,426,000
Sandspring Resources Ltd. (Operator)
• Aurora: 10 million
ounces of contained
material.
482,000,000
$
• Tarakuli Bauxite 62 m
tonnes.
92,554,000
160,800,000 $ 99,028,000
1,933,800,000 $ 278,008,000
• Can they get it?
…not likely
Intro
Why Guyana
Why Product?
Structural Benefits,
R/R.
Conclusion
5. Intro: Concerns – Do you own the company directly?
•
•
Gold stands at $1568/oz below
its 2011 high of $1,900.
•
Zugzwang – In chess is a term
which describes a situation
where the player cannot skip a
turn but any move he makes
will put him in a worse
situation…..
•
250
All companies are nonproducers and cycles are
exacerbated-high volatility.
•
Guyana 14 Stock Universe - priceweighted average
Commodities are cyclical.
Demonstrates one asset
exploration companies.
200
150
100
50
Apr-12
Dec-11
Aug-11
Apr-11
Dec-10
Aug-10
Apr-10
Dec-09
Aug-09
Apr-09
Dec-08
Aug-08
Apr-08
Dec-07
Aug-07
Apr-07
Dec-06
0
www.finance.yahoo.
com
Intro
Why Guyana
Why Product?
Structural Benefits,
R/R.
Conclusion
Limitations
6. Intro: Gold Demand
• In 2011, Central Bank gold
demand reached I&D demand..500
tonnes.
• USD 22.8 billion was the
identifiable gold demand in the
technology sector
• Demand for Jewelry and
Investment dominate.
• Gold demonstrates excellent
biocompatibility within the human
body
• The most reliable of conductive
metals.
Intro
Why Guyana
Why Product?
Structural
Benefits, R/R.
Conclusion
7. Intro: Bauxite Demand
• Only two countries Produce
Refractory Bauxite for export, China
and Guyana.
• 75% if bauxite production is
consumed by the Steel industry.
• China has emerged as the dominant
producer with 44% of global steel
production in 2010 up from 31% in
2005 producing 3.3 times more steel
than the rest of advanced AsiaPacific.
• Wait, what is bauxite? It is classified
by its application.
Intro
Why Guyana
Why Product?
Structural
Benefits, R/R.
Conclusion
8. Intro: The Mining Business.
•
•
Scoping study:
Prefeasibility study:
What should it be?
What will it be?
Does it make sense to
Have I analyzed enough
Investors and
management need to
understand the economic
potential of a mining
project even at the early
stages when the majority
of the company’s
resources may be
inferred.
Feasibility study:
What could it be?
The NI 43-101 regulatory
requirements is the gate
keeper deciding what
may be revealed to the
public and what should
be excluded.
What risks will this project
pursue this opportunity?
alternatives?
Have I identified the
optimum project
configuration?
involve?
What rewards will this
project provide?
Have I presented an
investment case that is
unlikely to vary
significantly?
Intro
Why Guyana
Why Product?
Structural
Benefits, R/R.
Conclusion
10. Why Guyana?
Politicial Potential Index
Country
PPI Ranking
Top Ranked:
University of New
Brunswick head of
Chemical
Engineering
(Alcan now Rio
Tinto Alcan)
Latin American Peer Group.
New Brunswick
Finland
Sweden
President:
Donald Ramotar
Chile
Mexico
Guyana
Peru
Brazil
Colombia
Argentina
Surinam
Equador
Venezuela
Bolivia
Guatamala
Honduras
Reference rankings:
South Africa
Russia
DRC Congo
www.fraserinstitute.org
No news is good news…
Intro
Why Guyana
Why Product?
Structural
Benefits, R/R.
Conclusion
1
2
7
18
32
53
56
57
64
66
72
86
90
91
92
93
54
71
76
11. Guyana’s Dependency on Gold.
• Here we demonstrate
the correlation and
the importance of gold
production to Guyana’s
GDP.
• Guyana’s GDP has
increased from its
1981 level of $570 to
$2,259 in 2010, 296%
increase.
• From it’s 1991 bottom
of $337, the increase
in GDP was 570%
• GDP/GOLD Correlation
of 86.88%.
Intro
Why Guyana
Why Product?
Structural
Benefits, R/R.
Conclusion
12. Why the Product?
The Mining Exploration Model
The Current state of Financial Markets
Proposition: Retaining Wall
Intro
Why Guyana
Why Product?
Structural
Benefits, R/R.
Conclusion
13. Project Cycle: Investment
s)
• Below we see the tradition investment patters at different stages of the
lifecycle of a mining company.
• Should the engineering firms announce a positive BFS, more investors
purchase the shares of the company as loans are secured.
• Problem…who is lending?
0
4
8
year 1
Don't Rush in Hundreds of
companies to
choose from.
Intro
12
16
BUY
20
24
year 2
SELL
28
32
year 3
36
40
44
year 4
48
52
56
year 5
60
64
68
year 6
Stay out or short during feasibility studies and environmental permit approvals. This is a long and tedious
After one or several
process. The project requires environmental base line studies and various permits for mine and mill
drill holes
After a visit to the project and
construction, waste rock disposal, tailings disposal, discharge of chemicals, road construction permits,
discoveries, a 5
confirmation of the discovery, buy and explosive storage, waste management, prevention of acid generation, water quality, forest and fisheries,
million market
hold the shares until final phase of
protection of animal domains, bird sanctuaries and many other minor permits. Engineers study the
capitalization is
drilling.
deposit in detail for suitable mining methods and extraction of metals. Even though the fundamentals of
acceptable.
the ore deposit and value remain the same, the share price may weaken and 50% - 60%. At the
completion of these studies, share prices offer the most attractive investments with almost no risk.
Why Guyana
Why Product?
Structural
Benefits, R/R.
72
76
BUY
80
84
year 7
Pr
od
uc
t io
n
fo
r
f ir
st
8
m
on
th
s
e
co Pro
n s du
t r ct
uc io
t io n :
n M
( 1 in
2- e
18 an
m dM
on i
t h ll
s)
Pr
D
Fe
is
as
co
ib
ve
il i
ry
ty
an
s
ot
Ro
ss
ra
G
Months
Years
St
d
ag
e
D
ev
(1
el
8-
op
36
m
m
en
t
on
th
(1
s)
0-
18
m
on
th
When to Buy and When to Sell: Junior Mining Companies.
Sell
88
92
year 8
96
Wait: Buy or Sell
100
year 9
Almost every operation will
experience start up problems.
Several factors could affect
the profitability of the
project. Inadequate removal
As the mine and mill construction progresses, the share prices of waste rock can limit the
will continue to climb until the production date. Optimistic
production of ore: More
forecasts and earnings projections will take the share prices to dilution than allowed for, ore
new heights.
grades are lower than
expected, or poor metal
recoveries. These problems
will cause the share price to
slide. At the bottom, they
offer an excellent
opportunity for reinvesting.
Conclusion
Injection of new
capital and new
energies of technical
people will turn the
project around to
new strong share
prices of qualified
good projects.
Otherwise, they
melt to zero.
14. Current State of Financial Markets- Mining.
“We are at the initial stages of a war for capital” says Paul Donovan, senior Global Economist at UBS. “There is
a fight for a slice for the global capital pie and project finance could be one of the losers.”
“There was an incredibly acute funding squeeze for single-project miners or mines in the late
development and early production phase as banks were simply refusing to lend. We are going to give
them that capital, we are going to help these companies to grow, but we are going to charge a lot
more for that capital, simply because that capital is much more valuable right now”
Evy Hambros, manager of a natural resource fund for Black Rock
“HSBC’s head of global banking in Australia, Chris Russell, said as the world entered a period of tighter
liquidity and scarcer capital flows, his bank was in an unparalleled position to tap into the global and Asian
investor bases. In effect, HSBC is going where other Asian-focused banks should follow in 2012, moving to
plug the gaps left by the European exit. Their entry cannot come soon enough, especially for the smaller
companies which have lost both banking and retail investor support.”
Intro
Why Guyana
Why Product?
Structural
Benefits, R/R.
Conclusion
15. Financial Markets – A Mining Example.
•
•
The Goldex mine attributed to
19% of the company’s cashflow
while the market reaction
brought the value of the
company to a May 2012 low of
$33.97.
•
Agnico-Eagle Mines Ltd. May 25, 2007 - 2012
A 52% decline??
$260 million (or approximately
$170 million after tax), or $1.00
per share of the Goldex
investment was written off.
USD 90
USD 80
USD 70
USD 60
USD 50
USD 40
USD 30
USD 20
USD 10
Feb-12
Nov-11
Aug-11
May-11
Feb-11
Nov-10
Aug-10
May-10
Feb-10
Nov-09
Aug-09
May-09
Feb-09
Nov-08
Aug-08
May-08
Feb-08
Nov-07
Aug-07
May-07
USD 0
www.finance.yahoo.com NYSE adjusted
share price
Intro
Why Guyana
Why Product?
Structural
Benefits, R/R.
Conclusion
18. Why the Product? It’s Profitable.
Company
Guyana Goldfields (1775 oz)
Company
Sandspring Resources
Company
First Bauxite
* amounts are calculated as pre-tax.
Project
Aurora
After-tax IRR
33%
After-tax NPV (m)
$
1,164
Payback period
4.3
Project
Toroparu
Pre-tax IRR
30%
Pre-tax NPV (m)
$
1,259
Payback period
2.8
Project
After-tax IRR
Pre-tax NPV (m)
Payback period
Bonasika
18%
$
157
5
• Above are the project economics we will consider in our
investment through the Retaining Wall.
• High IRR and low payback period make these investment
attractive.
• Can they realize these returns independently?
Intro
Why Guyana
Why Product?
Structural
Benefits, R/R.
Conclusion
19. Why the Product?
…because they can’t do it
alone.
Intro
Why Guyana
Why Product?
Structural
Benefits, R/R.
Conclusion
20. Why the Product?
Because we are Reducing Risk through:
A convertible structure…
Insured and Guarantee by MIGA
With:
Allocation of risk through Senior and Subordinated tranches.
Generating increase wealth through Size premium with Scale
economies.
Global Management Expertise.
Dormant NPV Can Be Realized.
And Because…. It’s acceptable to management while providing all
parties with attractive risk return proposition.
…. Financial engineering making it possible
Intro
Why Guyana
Why Product?
Structural
Benefits, R/R.
Conclusion
21. Retaining Wall: Terms and Conditions
Convertible Debt Issue: Terms and Conditions
Issuer
Guarantor
Amount senior
Amount subordinated
Maturity*
Coupon
Issue price
Redemption price
Conversion Senior
The Retaining Wall
MIGA
US$ 300 million convertible bonds
US$ 700 million convertible bonds
5 years ( due on 11 July 2017)
0.00% pa annually
100%
100% (for senior debt holders)
Each US$10,000 bond is fully converted during the
conversion period by a vote held conditional that the
majority decides in favor of the conversion.
Conversion Subordinated
Each US$10,000 bond is fully converted during the
conversion period by the same vote is conditional on a
majority decision in favor of the conversion.
> 3 years
US$10,000
No callable features.
11 July 2012
Conversion period
Denominations
Call Options
Payment
Redemption provisions
MIGA- > 5 years :)
Non tradable
Intro
Why Guyana
Why Product?
Structural
Benefits, R/R.
Conclusion
22. Retaining Wall: Convertible Bond
All Projects are in Guyana
Investors:
Guyanese Citizens
Banks: Standard Charter, West LB.
Multilateral Development Banks: IFC,
CDB.
Top 20 producing mining companies
Guyana Government
Resource PE firms
Management
Other private & institutional investors.
$
$
$
Convertible
Bond Issuance
10% Guarantor premium
MIGA
(Multilateral Investment
Guarantee Agency)
Issuer:
Liquidity:
NAV:
Coupon pmt:
Cash
Investmen
t
Retaining Wall
≈ 3.5 year lock up.
USD est. 1 billion.
0%
Senior tranch: 30%
Subordinated tranch 70%
Bond Floor Guarantee 40%
2
RM Management:
Plinian Capital and
Réjean Gourde.
$
1
3
Note: As projects mature and profits are
generated, all debt is converted to equity shares
at the same time so as to align incentives. The
timing of the conversion is at the discretion of
the bond holders and decided by a vote.
Subordinated bond holders will have a higher
conversion rate into shares of the Retaining
Wall to compensate them lower guarantee and
higher degree of risk.
PSA* :
Equity ownership 34%: World Gold Council
33% World Bank, 33% Plinian Capital.
Project: Tarakuli (First Bauxite)
Feasibility Cap. Cost : est. $ 120 m.
Mineral: Metallurgical Bauxite Arrangement:
PSA*
NPV: na
Objective: Provide financing – initiate
revenue.
Time to Production: est. 2.5 years
LOM: 60 years
4
Production Sharing Agreements
$
: Investor Payoff
: Social benefits: higher employment & lower taxes.
$
22