Innovative. Independent. Global.
Innovative
HCF does not rely on precedent. Our strength lies in providing creative financing solutions that are tailored to our clients’ unique requirements.
Independent
HCF is free of the inherent conflicts of interest faced by our institutional peers. Our advice is strictly in the best interest of our clients.
Global
HCF advises clients across all jurisdictions. We collaborate with trusted partners to provide an on-the-ground presence and cultural sensitivity.
Our Global Reach
- Mining advisory across six continents, with executed transactions in excess of US$ 13 billion
- Strategic hubs in London, Frankfurt and the Hague, providing direct access to key players
- Established business relationships for ‘on-the-ground’ presence in remote jurisdictions
- Proven track record negotiating with governments in emerging economies
- Experts in political risk mitigation for both debt and equity
CONFIDENTIAL
Project Name: CONFIDENTIAL
Commodity: Uranium
Country: Canada
Role: Structured Debt Advisory
Financial adviser on the project financing for the development of a C$ 2.0bn+ uranium mine in Canada. HCF is responsible for advising and assisting in securing the debt funding required for the development and operation of the project.
Sunrise Energy Metals Ltd.
Project Name: Sunrise
Commodity: Nickel, Cobalt, Scandium
Country: Australia
Role: Structured Debt Advisory
Financial advisory mandate for Sunrise Energy Metals in relation to its Sunrise nickel, cobalt and scandium project located in NSW, Australia. Total capital costs in excess of US$ 680m, including US$62m contingency.
CONFIDENTIAL
Project Name: CONFIDENTIAL
Commodity: Copper, Gold
Country: Ecuador
Role: Structured Debt Advisory
HCF advised LON and TSX-listed SolGold on the raising of debt financing in relation to the development of the Cascabel (Alpala) gold and copper mine in Ecuador. Total capital costs then in excess of US$ 2.7bn.
High Power Exploration Inc.
Project Name: Nimba
Commodity: Iron Ore
Country: Guinea
Role: PRI / Govt Negotiations
HCF assisted High Power Exploration (HPX) in obtaining political risk insurance from the Multilateral Investment Guarantee Agency (MIGA, a World Bank subsidiary) in relation to Euronimba Limited of Jersey (100% owned by HPX)’s investments into, amongst others, Société des Mines de Fer de Guinée (SMFG) the local Guinean entity owning the Nimba iron ore project in Guinea.
Rio Tinto Group
Project Name: Simandou
Commodity: Iron Ore
Country: Guinea
Role: Structured Debt Advisory
HCF advised Rio Tinto plc. in relation to the development of a financing strategy and the management of a strategic partner search process for the multi-billion rail and port project linked to the Simandou iron ore mine in Guinea.
NextSource Materials Inc.
Project Name: Molo
Commodity: Graphite
Country: Madagascar
Role: Structured Debt Advisory
HCF advised early on NextSource Materials in the negotiation and structuring of strategic partnerships, offtake agreements and debt financing in relation to its Molo Project located in Madagascar.
Mayur Resources Pte Ltd
Project Name: Orokolo Bay
Commodity: Iron Sands, Copper
Country: Papua New Guinea
Role: Structured Debt Advisory
HCF advised Mayur Resources in relation to its portfolio of iron sands, zircon, coal, copper and gold projects on matters relating to the securing of strategic partnerships and the raising of debt financing.
Infinitum Energy Pty Ltd
Project Name: Waste-to-Energy
Commodity: Power
Country: Sierra Leone
Role: Structured Debt Advisory
Financial adviser to Infinitum in raising strategic equity and project finance debt to construct a waste-to-energy project in Sierra Leone.
CONFIDENTIAL
Project Name: CONFIDENTIAL
Commodity: Iron Ore
Country: Mauritania
Role: Focused Equity Sourcing
Financial adviser to a state-owned entity in negotiating a revised JV agreement with an incoming JV partner for one of its iron ore opertaions, including the determination of tariffs for capacity to be provided to the JV on the state-owned infrastructure system, and rail and port services to be provided by the State.
Montage Gold Corp.
Project Name: Koné
Commodity: Gold
Country: Cote d’Ivoire
Role: Structured Debt Advisory
Financial adviser to Montage Gold Corp., a TSX-V listed entity, in relation to its Koné Gold Project, located in Cote d’Ivoire. Total capital costs estimated at US$ 543.9m (February 2022 Definitive Feasibility Study).
Arafura Resources Ltd.
Project Name: Nolans
Commodity: Rare Earths
Country: Cote d’Ivoire
Role: Structured Debt Advisory
Financial adviser to ASX-listed Arafura Resources Ltd in relation to the raising of debt financing for the development of its Nolans rare earth project located in Australia’s Northern Territory. Total project development costs in excess of AU$ 1.5bn. Letters of support from Germany’s Euler Hermes Aktiengesellschaft (Euler Hermes), Canadian export credit agency Export Development Canada (EDC), Northern Australia Infrastructure Facility (NAIF) and Export Finance Australia.
Circum Minerals Ltd.
Project Name: Danakil
Commodity: Potash
Country: Ethiopia
Role: Structured Debt Advisory
HCF advised Circum Minerals Ltd (private com[amy) in relation to its Danakil project, located in northeastern Ethiopia. HCF assisted on the structuring of a debt package in the order of US$ 750m plus costs overrun facilities for the development of Phase I of the Danakil potash project. Our mandate was heavily impacted by the Tigray Conflict.
Erdene Resources Development Corp.
Project Name: Bayan Khundii
Commodity: Gold, Silver
Country: Mongolia
Role: Structured Debt Advisory
Financial adviser to Erdene Resources Development Corp. in relation to the raising of project finance debt for the the Bayan Khundii gold project, located in southwestern Mongolia. Project capital costs stand at US$100.0m as per the latest Feasibility Study (August 2023).
Global Atomic Corp.
Project Name: Dasa
Commodity: Uranium
Country: Niger
Role: Structured Debt Advisory
Financial adviser to Global Atomic Corp. in relation to its Dasa Uranium Project, located in Niger. Total capital costs are in excess of US$ 200m (November 2021 Feasibility Study). Syndicate of lenders including the Development Finance Corporation and Export Development Canada.
Australian Vanadium Ltd.
Project Name: Gabanintha
Commodity: Vanadium, Titanium Bearing Ore
Country: Australia
Role: Structured Debt Advisory
Financial adviser to ASX/FSE listed Australian Vanadium Limited in relation to the raising of project finance debt for teh development of its Gabanintha vanadium / titanium bearing iron ore Project in Western Australia. Upfront pre-production capital excluding contingency amount in excess of AU$ 604.0m (April 2022 Feasibility Study). Australian Vanadium Limited and Technology Metals Australia Limited announced in September 2023 their intention to merge.
Avalon Advanced Materials Inc
Project Name: Nechalacho
Commodity: Iron Ore
Country: Guinea
Role: Structured Debt Advisory
HCF advised TSX-V listed Avalon Advanced Materials Inc in relation to its Nechalacho rare earths project in Canada and in the US. Our mandate covered both debt (project finance) and equity (strategic investment). Total capital costs in excess of US$ 1.0bn+ .
NextSource Materials Inc.
Project Name: Separation Rapids
Commodity: Lithium
Country: Madagascar
Role: Focused Equity Sourcing
HCF advised Avalon Advanced Materials Inc. in relation to its Separation Rapids lithium project in Ontario, Canada. Our mandate initially covered equity (strategic investment). In November 2023, Avalon announced it had entered into a purchase and sale agreement to transfer the Separation Rapids and Lilypad Projects into Joint Venture with Sibelco.
CONFIDENTIAL
Project Name: CONFIDENTIAL
Commodity: Gold
Country: Chile
Role: Valuation
HCF advised a leading New York City-based British-American hedge fund on the valuation of several gold projects in Chile.
CONFIDENTIAL
Project Name: CONFIDENTIAL
Commodity: Copper, Gold, Silver
Country: Colombia
Role: Valuation
HCF provided valuation and strategic advisory services in relation to the potential sale of a 50% share in a copper-gold-silver mine project in Colombia.
Ivanhoe Mines Ltd.
Project Name: Kamoa-Kakula
Commodity: Copper
Country: DRC
Role: Structured Debt Advisory
HCF advised Ivanhoe Mines Ltd on a ca. US$ 210.0m equipment financing / US$ 9.0m down payment facility for its Kamoa-Kakula copper project in the DRC. The financing involved the Swedish Export Credit Agency (EKN), the Swedish Export Credit Corporation (SEK) and Standard Bank DRC and was linked to the supply of undergroundm mobile equipment and related services and spares from Scandinavian companies.
Whitehaven Partners
Project Name: Incoa Performance Minerals
Commodity: Calcium Carbonate
Country: Dominican Republic
Role: Structured Debt Advisory
HCF advised Whitehaven Partners in relation to the financing of the Incoa calcium carbonate project. The project involved the development of a calcium carbonate mine and associated infrastructure in the Dominican Republic and a processing facility located in Mobile, Alabama, USA. US$ 20.0m was raised with the Anglo Pacific Group and the remainder (undisclosed) with Orion Mine Finance. The funding involved both debt and a royalty instrument.
Mustavaaran Kaivos Oy
Project Name: Mustavaara
Commodity: Ferro-Vanadium, Iron, Ferro-Titanium
Country: Finland
Role: Valuation
HCF porvided valuation services to Mustavaaran Kaivos Oy for its Mustavaara iron ore and vanadium mine in Finland in the context of its equity raising activities.
Anaklia Development Consortium
Project Name: Anaklia Deep Water Port
Commodity: Ports
Country: Georgia
Role: Structured Debt Advisory
HCF advised on the Anaklia Development Consortium on the ca. US$ 500m financing of the Anaklia deep sea port project in Georgia. The consortium involved TBC Holding from Georgia, SSA Marine from the United States, British Wondernet Express working in Central Asia, and G-Star Ltd. from Bulgaria. The dispute between the Anaklia Development Consortium and the Government of Georgia is in arbitration at the International Chamber of Commerce in Geneva.
CONFIDENTIAL
Project Name: CONFIDENTIAL
Commodity: Gold, Silver
Country: Guatemala
Role: Structured Debt Advisory
HCF advised a TSX-listed entity in relation to the financing of its gold and silver Project in Guatemala. Total project costs in excess of US$ 750m (Feb 2022 Feasibility Study). Under strategic review.
Alliance Mining Commodities Ltd.
Project Name: Koumbia
Commodity: Bauxite
Country: Guinea
Role: PRI / Govt Negotiations
HCF advised Alliance Mining Commodities Ltd. in relation to its US$ 812m aluminium project located in Guinea. HCF supported the negotiation of the mining convention with the Government
Alliance Mining Commodities Ltd.
Project Name: Koumbia
Commodity: Bauxite
Country: Guinea
Role: Structured Debt Advisory
Turquoise Hill Resources Ltd.
Project Name: Oyu Tolgoi
Commodity: Copper, Gold
Country: Mongolia
Role: Structured Debt Advisory
HCF advised Turquoise Hill Resources Ltd. in relation to sourcing and structuring the financing of the Oyu Tolgoi copper-gold project, located in Canada. Total project financing was in excess of US$ 4.4bn. At the time of financing, Oyu Tolgoi was the first project financing in Mongolia, and the largest project finance transaction completed in the mining sector. Financing was comprised of multiple ECA’s and commercial banks
Ivanhoe Mines Ltd.
Project Name: Platreef
Commodity: PGM, Copper
Country: South Africa
Role: Structured Debt Advisory
HCF initially advised Ivanhoe Mines on their Platreef PGM’s project located in South Africa. HCF were the sole advisers in relation to the sourcing of up to US$ 1.0bn in project finance funding for the development of the underground mining project. The intention was to involve a number of commercial banks and ECAs. In 2021, Ivanhoe Mines secured instead US$ 300m in stream financing from Orrion Mine FInance and Nomad for Platreef.
CONFIDENTIAL
Project Name: CONFIDENTIAL
Commodity: Graphite
Country: Tanzania
Role: Structured Debt Advisory
Financial adviser to an ASX-listed entity in relation to its graphite project in Tanzania. The transaction is to involve a German raw materials guarantee as part of the financing. Last reported pre-production capital costs of US$ 135m (April 2023).
CONFIDENTIAL
Project Name: CONFIDENTIAL
Commodity: Graphite
Country: Tanzania
Role: Structured Debt Advisory
HCF advised an ASX-listed entity in relation to ca US$ 20m shortfall funding for the development of its graphite project in Tanzania with Gemcorp, an emerging markets focussed investment fund manager
CONFIDENTIAL
Project Name: CONFIDENTIAL
Commodity: Potash
Country: Brazil
Role: Structured Debt Advisory
Financial adviser in relation to the project financing of a potash mining project located in Brazil, South America. Total expected capital costs are in excess of US$ 2.0bn. The financing is expected to include several DFIs, commercial banks and ECAs.
CONFIDENTIAL
Project Name: CONFIDENTIAL
Commodity: Copper
Country: Germany
Role: M&A
HCF advised Lamitref Industries on the disposal of its 100%-owned German copper subsidiary Mansfelder Kupfer and Messing GMBH (MKM). The 100% share purchase was completed by Kazakhstan copper producer Kazakhmys.
Giyani Metals Corp.
Project Name: K. Hill
Commodity: Iron Ore, Manganese
Country: Guinea
Role: Structured Debt Advisory
HCF advised Giyani Metals Corp. in relation to providing a strategic review of various funding options for its K.Hill manganese Project. The K-Hill project is located in the Kanye Basin, South-eastern Botswana. Last reported capital costs are US$ 284m (July 2023 Preliminary Economic Assessment)
Kinross Gold Corp.
Project Name: Tasiast
Commodity: Gold
Country: Mauritania
Role: PRI / Govt Negotiations
HCF advised Tasiast Mauritanie Limited S.A. (subsidiary of Kinross Gold Corp.) in obtaining US$ 300m political risk insurance (PRI) from the Multilateral Investment Guarantee Agency (MIGA, a World Bank subsidiary) in relation to its equity and shareholder loan investments into Tasiast Mauritanie Limited S.A.
Vanadium Resources Ltd.
Project Name: Steelpoortdrift
Commodity: Vanadium
Country: South Africa
Role: Structured Debt Advisory
Financial adviser to Vanadium Resources Ltd. in relation to the development of the Steelpoortdrift Vanadium Project, located in north-east South Africa. Total construction capital costs are expected to be in excess of US$ 211.0m (October 2022 Definitive Feasibility Study)
Magnis Energy Technologies Ltd.
Project Name: Nachu Graphite
Commodity: Graphite
Country: Tanzania
Role: Structured Debt Advisory
Financial adviser to Magnis Energy Technologies Ltd. in relation to the development of the Nachu graphite project, located in Tanzania. Total construction capital costs in excess of US$ 363.0m (September 2022 Bankable Feasibility Study)
PhosCo Ltd.
Project Name: Chaketma
Commodity: Phosphate
Country: Tunisia
Role: Structured Debt Advisory
HCF advised PhosCo Ltd. in relation to producing a financing plan for the development of its Chaketma phosphate project, located in Tunisia. Total construction capital costs are expected to be around US$ 170.0m (December 2022 Scoping Study)
CONFIDENTIAL
Project Name: CONFIDENTIAL
Commodity: Coking Coal
Country: Australia
Role: Strategic Advisory
HCF advised a leading global steel company in the development of a coking coal strategy leading to the acquisition of a minority stake in a coking coal project in Australia.
Crew Minerals AS
Project Name: Mindoro
Commodity: Nickel
Country: Philippines
Role: Strategic Advisory
HCF advised Crew Minerals on the finalization of its MoU with Jilin Jien Nickel relating to the cooperative development of Crew’s Mindoro nickel project in the Philippines.
Cambrian Mining Plc
Project Name: Mount Gibson
Commodity: Iron Ore
Country: Australia
Role: M&A
HCF advised Cambrian Mining Plc. on the 2006 disposal of its 19.9% stake in the Mount Gibson iron ore project to the Metalloinvest Group.
RecovCo Ltd.
Project Name: RecovCo
Commodity: Alumunium
Country: United Kingdom
Role: Focused Equity Sourcing
HCF advised RecovCo, an aluminum recycling technology company, on its equity raising activities. This was to support their ongoing operations as a designer and operator of aluminium reprocessing facilities based on rotary tilting furnace technology.
SNIM
Project Name: Guelb-el-Rhein
Commodity: Iron Ore
Country: Mauritania
Role: Structured Debt Advisory
HCF advised SNIM on its US$ 712m debt raising for the expansion of the Guelb-el-Rhein iron ore project in Mauritania. The financing was Shariah-compliant and involved a consortium of eight leading financial institutions including commercial banks and multinational institutions.
CONFIDENTIAL
Project Name: CONFIDENTIAL
Commodity: Iron Ore
Country: Mauritania
Role: Focused Equity Sourcing
HCF advised the state-owned mining company with the structuring and negotiation of a joint venture on one of its underground iron ore project developments.
China Metallurgical Group Corp.
Project Name: CONFIDENTIAL
Commodity: Nickel
Country: Papua New Guinea
Role: Structured Debt Advisory
HCF provided support in relation to the company’s nickel offtake agreement negotiations in South East Asia.
Tata Steel Ltd.
Project Name: Tata Steel
Commodity: Steel
Country: United Kingdom
Role: M&A
HCF advised Tata Steel on the acquisition of the British-Dutch Corus Group.
Silver Point Capital
Project Name: Galvex
Commodity: Steel
Country: Estonia
Role: M&A
HCF advised Silver Point Capital on the disposal of Galvex to ArcelorMittal.
CONFIDENTIAL
Project Name: CONFIDENTIAL
Commodity: Iron Ore
Country: Mauritania
Role: Focused Equity Sourcing
HCF advised the State-owned mining company on the sale of a 50% share in one of its iron ore projects.
CONFIDENTIAL
Project Name: CONFIDENTIAL
Commodity: Iron Ore
Country: Mauritania
Role: Strategic Advisory
HCF assisted with the management of a tender process for the selection of an adviser to find a partner for an iron ore company partly owned by the Mauritanian State.
CONFIDENTIAL
Project Name: CONFIDENTIAL
Commodity: Iron Ore
Country: Finland
Role: Strategic Advisory
HCF advised Northland Resources SA through a strategic review of the company, and its Finnish and Swedish projects. HCF provided further evaluation of financing alternatives.
IGE Resources AB
Project Name: IGE Resources AB
Commodity: Nickel, Gold
Country: Sweden
Role: Structured Advisory
HCF advised IGE Resources on the raising of US$ 15m via a secured convertible credit facility with Waterton Global Value L.P.
CONFIDENTIAL
Project Name: CONFIDENTIAL
Commodity: Copper
Country: DRC
Role: Focused Equity Sourcing
HCF advised on the search for a strategic partner on a copper project
London, United Kingdom
Frankfurt, Germany
The Hague, Netherlands
Our Services
HCF provides financial advice to mining companies across the globe, ranging from structured debt and strategy, through to M&A and equity. See our Services.
ESG permeates all levels of a project and has become a core consideration for financiers and investors alike. At HCF, we advise clients on how best to navigate ESG standards, identify gaps and manage the development of an Environmental and Social Impact Assessment (ESIA). Learn more on Why ESG Matters.
Valuations and
M&A
Advice in structuring, negotiating and financing a wide variety of transactions:
- Asset Disposals & Acquisitions
- Joint Ventures & Mergers
- Non-public Valuation Advice to Support Corporate Transactions
Focused Equity
Sourcing
Sourcing equity investments on focused basis, as required to support our clients:
- Strategic Investors
- Offtaker Investment
- Private Equity / Financial Investors
Political Risk
Mitigation
Advice and assistance in relation to political risk mitigation:
- Negotiation of investment agreements and Mining Conventions directly with governments
- Multilateral Investment Guarantee Agency PRI cover and covered transactions for equity and debt
- DFI and ECA led transactions aimed at providing partial or full political risk cover
Strategic
Advisory
Industry-focused strategic advice:
- Financial Strategies
- Processing & Product Strategy
- Offtake Strategy
- Bid & Tendering Support
- Market Positioning
Structured Debt
Advisory
Independent advice to secure debt financing in support of construction:
- Project Finance
- Royalty, Streams, Offtake
- Mezzanine and Bridge Loans
- Corporate Debt
Who We Are
Diverse
Our team members are fluent in seven languages and originate from eight different countries. This dynamic blend brings unmatched diversity, global perspective and cultural understanding to drive success in all our business endeavours.
Committed
We are genuinely passionate about our work and place real value on developing lasting client relationships. We embrace the responsibility of providing the financial counsel needed to navigate mining projects from inception to operation.
Technical
Our team of bankers, engineers, geologists, and experience board directors combines financial expertise with a strategic mindset and technical proficiency. From exploration to construction and operations, we’re equipped to drive success in every phase of mining projects.
How We Work With Our Clients
Who We Work With
