A US$60-million capital development fund is being formed to provide financing to small-to-medium-sized mining companies in Latin America.
To be known as the Oroya Mining Development Fund, it will be managed by Columbus Management of Pittsburgh, Pa.
The fund will concentrate its investments in developing mines that offer the potential of quick payback, superior investment returns, and commodity and country diversification, while minimizing operating and mining risk through management experience.
Inter-American Investment Corp. (IIC), a multilateral institution which focuses on small-to-medium-scale private enterprises in Latin America and the Caribbean, authorized an equity investment and participation in the fund. In addition, IIC and Columbus are collaborating in advanced discussions with Andean Development Corp. and other firms concerning their involvement as co-sponsors.
Barclays Metals Group, part of Barclays de Zoete Wedd (the investment banking arm of Barclays Bank PLC) has been retained as the fund’s financial adviser. Barclays Metals plans to assist in the raising of capital and advise the fund’s management and investment committees.
For more information, write Columbus Management, Tarbert Building, Suite 300, 340 Mansfield Ave., Pittsburgh, Pa. 15220, U.S.A.
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