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Case study:
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.
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Case study:
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
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Case study:
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 > David Bellingham

David Bellingham
Managing Director
David has over 20 years of mining finance experience advising on and executing transactions globally. His breadth of experience across the financing spectrum covers private equity & ECM; trade, project & acquisition finance; and royalty & streaming agreements.
David was formerly at Citibank in London as the senior advisor to its global commodities team, with a focus on mining project analysis and structuring. Before that he was an executive director at Minexia Limited in London where he was responsible for originating and structuring ECM and project finance transactions. Prior to that he led the mining investments team at Quantum Global in Mauritius, focussing on private equity and mezzanine investment opportunities in Sub-Saharan Africa. This followed many years banking mining project and acquisition finance transactions for Nedbank, WestLB and Rothschild in both London and Australia.
Key roles:
- Citibank – Senior Project Manager
- Minexia Limited – Executive Director, Head of Investments and Board Member
- Quantum Global – Director and Head of Mining Investments
- Nedbank – Principal – Mining Finance
- WestLB – Director – Metals and Mining Project and Acquisition Finance
- Rothschild – Manager – Structured and Commercial Finance
Key transactions include:
- Toro Gold: David led the $40m private equity investment for 30% of Toro Gold Limited alongside Tembo Capital and Resource Capital Funds to facilitate the construction of the Mako Gold Project in Senegal. Toro Gold was taken over by Resolute Mining in 2019
- Sierra Rutile: David led the US$15m mezzanine facility and US$50m project facility supporting the Gangama mineral sands project in Sierra Leone. Sierra Rutile has been taken over by Iluka Resources
- Paladin Energy: David led the initial US$130m project facility and subsequent US$70m corporate facility supporting the Langer Heinrich uranium project in Namibia
- Base Resources: David led the US$220m project facility supporting the construction of the Kwale mineral sands project representing the first mining project financing in Kenya
- Ferrexpo: David led the US$35m equipment financing facility to provide yellow goods to the Yeristovo Mining iron ore pelletizing operation in Ukraine
Education and citizenship:
- MSc in Mining Engineering – Distinction | Camborne School of Mines – University of Exeter
- CFA Charterholder | CFA Institute
- Honours Degree in Business – First Class | Monash University
- British and Australian citizen
Call us on +44 20 3034 1129 or email info@hcfintl.com for more information