Mauritanian iron ore project
The largest iron ore financing globally in 2009 and in the history of Mauritania. One of the largest ever iron ore financings in Western Africa. Trade Finance Deal of the year 2010.
Mongolian copper gold mine project
The world’s largest, undeveloped copper-gold porphyry deposit. When completed, Oyu Tolgoi will be the first project financing in Mongolia and the largest project financing ever completed in the mining sector
Canadian rare earth elements project
One of the world’s largest undeveloped rare earth elements resources, the Project is one of the few sources of ‘heavy’ rare earth elements outside of China.
Our Team > Dr. Andor Lips
Dr. Andor Lips
Andor joined HCF International Advisers in March 2021 as Senior Adviser.
Andor has more than 25 years of experience in the mining sector which spans the whole value chain, from geology to grassroots exploration, business development, (pre)-feasibility study design and evaluation, funding strategies and execution, project risk analysis, ESG risk analysis, credit risk analysis, corporate governance, stakeholder management, public disclosure, contractual arrangements, marketing.
Andor has held leading positions in the mining industry, mining finance, and mineral resources research & education organisations whilst being engaged with multilateral and non-governmental organisations. Prior to Andor’s own consulting and advisory activities (corporate strategy, research & innovation, and stakeholder engagement) he worked for Eldorado Gold until end 2019 as Vice President European Strategy & Corporate Sustainability. He held prior positions with Lydian International Ltd, ING Bank N.V., the Commodity Discovery Fund, and BRGM, whilst also providing external expert advice to the European Commission (2010-2020) and the UNESCO (2007-2012).
In his time at the metals and mining finance team of ING Bank he has been involved in the origination, structuring and execution of numerous (debt) financing transaction as team member and/or deal principal, including several Russian gold corporates, Alacer Gold, Minas Aguas Tenidas, Endeavour Mining Corp, First Quantum Minerals, Wolf Minerals, Guyana Goldfields, and several others.
Key roles include:
- Eldorado Gold – Vice President European Strategy & Corporate Sustainability
- Commodity Discovery Fund – Director, Fund Manager
- ING Bank N.V. – Director Metals and Mining
- Lydian International – Technical Director, Frontier Development
- BRGM (France) – Senior Researcher, Project Coordinator EU – Mineral Industry Technologies
Key transactions include:
- Alacer Gold, (Turkey): US$ 250m project financing for the expansion of the Cöpler gold mine (2015), Andor acted as Deal Principal for ING Bank. Key challenges included providing a funding structure where the Turkish borrower could benefit from ING’s in-country account structure.
- Endeavour Mining Corp, West Africa – US$ 350m structured corporate financing, for the growth of Endeavour Mining (PFM Africa Mining Deal of the Year 2013), Andor acted as Deal Principal for ING Bank. As country risk mitigant for Endeavour cashflow from four different mines in four West African jurisdictions (Ghana, Ivory Coast, Burkina Faso, Mali), the financing structure was enhanced with a novel equity PRI for the individual operating companies.
- First Quantum Minerals (various African and European jurisdictions) –
US$ 3.0bn structured corporate financing to refinance existing indebtedness following the INMET acquisition of INMET and to work towards the construction of a copper smelter in Zambia, and the construction of the Sentinel copper mine in Zambia (2014). Andor acted as Deal Principal for ING Bank. Challenges included finding the appropriate leverage ratios for FQM at the earlier years of the loan facility, when FQM made significant capital investments prior to enjoying the increased production and increased cashflow.
- Wolf Minerals (United Kingdom) – GBP 70m project financing of the Hemerdon tungsten-tin project (PFM Europe Mining Deal of the Year 2013). Key challenges included, understanding the long-term world tungsten market and the determination of an appropriate price deck. The financing structure included two tungsten end-users and a partial German UFK senior debt guarantee.
Education, citizenship, languages spoken:
- Doctorate in Geology (Cum Laude) and a MSc in Geology (Cum Laude), University of Utrecht, the Netherlands
- Dutch citizen
- Languages: Dutch, English, French