Milbank LLP represented BNP Paribas, Crédit Agricole, Citibank N.A., HSBC, JPMorgan Chase Bank, the Export-Import Bank of Korea (KEXIM) and the Korea Trade Insurance Corporation (K-Sure), in connection with the financing of the $668 million second phase of Posco’s Sal de Oro lithium brine project in Argentina. Milbank previously advised the senior lenders in connection with the financing of the first phase of the Sal de Oro lithium brine project. Sal de Oro is one of the most notable lithium brine projects in the region and is expected to produce 23,000 tons of lithium carbonate per annum once fully operational.
The Milbank deal team was led by Global Project, Energy and Infrastructure Finance partners Alec Borisoff and David Gartside with support from Tokyo-based associate Anthony Scott and Seoul-based associate Chloe Kim.
“As the global demand for lithium continues to grow, the Sal de Oro lithium brine project will be crucial to meet that demand,” said Mr. Borisoff. “We are pleased to have supported this important critical mineral project which represents one of the largest investments in the mining sector in Argentina in recent years.”
Mr. Gartside added: “This project represents a huge ‘win’ for the ongoing energy transition. It has been an honor supporting both of the Korean export credit agencies and this sophisticated group of lenders in achieving this important milestone."
In addition to Sal de Oro, Milbank has had a lead role in numerous major greenfield and expansion financings in the mining/critical minerals sector representing several billion dollars of investment, several of which have been awarded “deal of the year” recognition.
