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LEXPERT 13
al repertoire of silver and gold streams into new miner-
als, such as chromite, diamonds and potash. And they've
been coming in with money at earlier stages of mine
development, though in exchange for that risk they are
demanding, and getting, better streaming deals.
In October 2014, Toronto-based Lundin Mining
Corp. bought an 80 per cent stake in the Candelaria
copper mine in Chile for US$1.8 billion. To finance the
deal Lundin raised US$600 million in an equity issue;
issued US$1 billion of senior secured debt and stuck a
US$648-million streaming agreement with Franco-Ne-
vada. It gives Franco-Nevada rights to buy 68 per cent
of Candelaria's gold and silver by-product at a discount.
Such deals aren't easy to nail together, says Amm.
It's difficult to align the interests of parties putting up
financing in different ways. For instance, a company
producing copper might concentrate digging in a high-
grade copper area of the mine where little silver or gold
by-product is produced. at could frustrate a streamer's
interests, so ways have to be found in contracts to ensure
everyone's investment returns are protected.
As in the wild, where a shortage of food kills off
the weak, making the remaining members of a species
healthier, the scarcity of mine financing should improve
the future health of the industry. Belsher says the owners
and executives of juniors are now willing to give up con-
trol of their companies, even merge and walk away from
their positions, in order to see them survive.
"We're seeing that for the first time. at's a very
healthy thing because the market has been over populat-
ed," with too many publically listed junior mining com-
panies. "So this is a healthy thing people have wanted
to happen for three, four, five years. It's just starting to
happen now."
Clare, James
Bennett Jones LLP
(416) 777-6245
clarej@bennettjones.com
Mr. Clare is a corporate and securities lawyer with a focus on the mining
sector, and an emphasis on domestic and cross-border corporate finance
and M&A. He also represents issuers and underwriters on general
corporate and securities law matters.
Davis, Franklin L.
Bennett Jones LLP
(416) 777-5099
davisf@bennettjones.com
Mr. Davis is an experienced counsel who provides strategic advice in the
areas of capital markets, corporate finance, mergers and acquisitions,
corporate governance and mining matters.
Dean, Corey M.
DuMoulin Black LLP
(604) 602-6808
cdean@dumoulinblack.com
Mr. Dean's corporate & securities practice over the past 30 years has
focused on M&A and financings mainly for resource issuers. He advises
clients on disclosure, corporate governance, proxy conflict, mining,
reorganization & other strategic matters.
DeCosimo, Michael C.
Borden Ladner Gervais LLP
(416) 367-6222
mdecosimo@blg.com
Mr. DeCosimo is a partner in BLG's Securities and Capital Markets Group.
He practises corporate and securities law with an emphasis on corporate
finance, M&A and corporate governance. Recognized as one of Lexpert®'s
Leading Lawyers Under 40 in 2010.
Désilets, Olivier
Davies Ward Phillips & Vineberg LLP
(514) 841-6561
odesilets@dwpv.com
Mr. Désilets specializes in securities law with a focus on public offerings,
take-over bids, plans of arrangement, private placements, corporate
governance matters, as well as general securities law compliance
in various industries, including mining.
Devereux, Jeremy J.
Norton Rose Fulbright Canada LLP
(416) 216-4073
jeremy.devereux@nortonrosefulbright.com
Mr. Devereux's diverse litigation practice includes the successful
prosecution and defence of mining disputes at trial, in arbitration
and before the Ontario Mining and Lands Commissioner, as well
as a broad range of commercial litigation mandates.
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