JOHANNESBURG (miningweekly.com) – Emerging gold and base metals producer Citadel Resources has signed a joint mandate with financial institutions Riyad Bank and WestLB Ag, to act as joint lead advisers to arrange the debt financing of the Jabal Sayid copper project, in Saudi Arabia.

The agreement defined the scope of work to be undertaken by Riyad Bank and WestLB, including project evaluation and analysis, and the validation of the Jabal Sayid definitive feasibility study.

The financial institutions would also be responsible for structuring, sourcing and evaluating the debt financing proposals, as well as overseeing and coordinating the financing negotiations and documentation through to financial completion.

Citadel stated on Monday that subject to due diligence and obtaining internal credit approvals, Riyad Bank and WestLB would form the core of the bank group that provides debt financing for the project.

“This is an important further step in the development of the Jabal Sayid project, and Citadel is very pleased to be working with such high quality financial institutions with extensive experience in project financing in the Middle East,” Citadel said in a statement.

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