Critical Minerals & Mining
The fleet is financed against the machines, the mine against its offtake.
Critical minerals are capital-intensive to pull from the ground and to process. We finance the equipment that digs on the working life of the machines, and the mine itself on the reserves it holds and the metal it has already sold forward. We structure each facility and take it to the lenders that fund the sector, then run it to close.
01 / The Sector
The upstream inputs to the AI build-out.
Copper, lithium, and rare earths are the raw inputs to power, the grid, batteries, and the chips themselves. Nothing downstream gets built without them. Extraction and processing are capital-intensive, and a producer has to finance two things at once: the fleet that digs and crushes, and the inventory it builds and holds before a buyer pays for it.
Where it sits
The first link in the chain that ends in a data center.
Capital cost and long lead times sit at the top of the supply chain, and that is where the financing has to start.
02 / How We Finance It
The machines, the mine, and the metal in between.
Each layer of a mining operation is financed against a different asset. The instruments we lead most often have their own desk.
Equipment Finance
The fleet is financed against the machines. Excavators, haul trucks, drills, and processing plant are funded on terms matched to their working life, secured on the equipment itself.
Project Finance
A mine financed against a long-term offtake contract for the metal it produces and its proven reserves, ring-fenced from the sponsor balance sheet.
Flagship deskBorrowing-base and working capital
Capital advanced against concentrate and metal inventory and receivables through a borrowing-base facility, so a producer is not starved of cash between extraction and sale.
Trade Finance
Prepayment and letters of credit for concentrate shipments and offtake, funding metal in transit and across borders.
Structured Debt
Offtake-backed and royalty-adjacent structures for producers with contracted sales, engineered when standard debt does not fit the situation.
Flagship desk03 / What Secures The Debt
Every facility is secured on something real.
A lender advances against hard assets and contracted cash flow, not a promise. In mining, four things carry the debt.
- 01
The fleet and processing equipment
Excavators, haul trucks, drills, and the plant that crushes and refines, each a hard asset a lender can secure against and recover.
- 02
The proven reserves
Metal in the ground, measured and classified, that underwrites the mine as a long-life source of cash.
- 03
The offtake contract
A committed buyer for the metal at agreed volumes, which turns future production into a bankable revenue stream.
- 04
The inventory and receivables
Concentrate, refined metal, and the invoices owed on shipments already sold, advanced against through a borrowing base.
04 / Contact
Financing a mine or a fleet?
Tell us the deposit, the equipment, and the offtake. We will tell you how we would structure the debt and which lenders we would take it to.