UK: Mayer, Brown, Rowe & Maw LLP Advises HVB On Further Russian Mine Financing
Last Updated: 6 August 2004

Mayer, Brown, Rowe & Maw LLP's mining team has advised Bayerische Hypo- und Vereinsbank AG (HVB) on its $60 million bridge financing in relation to Bema Gold Corporation's interest in the Kupol gold project in Eastern Russia. The deal closed on 21 July 2004.

The financing is to be used for the initial development costs of the project prior to implementation of the permanent project financing.

Bema believes that Kupol has the potential to host a multi-million ounce deposit of gold and silver amenable to both open pit and underground mining at low operating costs. If the development and preparation of the site goes to plan, Kupol could begin production in late 2007.

This is another success for Mayer Brown Rowe & Maw's mining group which has advised HVB and others on several mine financing deals to date in 2004 including the debt refinancing relating to Northern Orion's interest in the Alumbrera project in Argentina and a £30 million corporate facility for Peter Hambro Mining Plc.

Ian Coles, Head of the European Finance team, commented: "This deal in particular highlights a renewed confidence in Russian mining and the huge potential for foreign investment. This is not however a new development for us, as Mayer, Brown, Rowe & Maw's mine finance practice has been involved in the development of the Russian mining industry in the 1990s."

The Mayer, Brown, Rowe & Maw team advising HVB was led by Ian R. Coles, assisted by Morgan Carroll and Kate Eades.

Bema Gold Corporation was represented by Michael S. Allen from the Vancouver office of Stikeman Elliott LLP.

For further information:

Ian R. Coles

Will Hulbert


PR Manager

+44 (0)20 7782 6232

+44 (0)20 7782 8804

About Mayer, Brown, Rowe & Maw LLPMayer, Brown, Rowe & Maw LLP has 13 offices worldwide including Chicago, New York, Washington, London, Frankfurt and Paris. It delivers multi-jurisdictional advice to the world's leading companies, financial institutions and multinational businesses.

  • Mayer, Brown, Rowe & Maw LLP has a total of over 1,400 lawyers worldwide. For further information on Mayer, Brown, Rowe & Maw LLP, please visit or
  • At the recent Chambers Global Awards, Mayer, Brown, Rowe & Maw LLP was named 'UK Law Firm of the Year, 2004'.
  • Ian R. Coles was recently named the number one practitioner in England for mining legal expertise, according to the third edition of The International Who’s Who of Mining Lawyers published by Who’s Who Legal in July 2004. For further information please go to
  • Mayer, Brown, Rowe & Maw LLP is a combination of two limited liability partnerships, each named Mayer, Brown, Rowe & Maw LLP, one incorporated in England and one established in Illinois, USA.

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