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10.11.2019 (870 Clicks)

Fugro awarded large geotechnical Investigation to support Hong Kong International Airport Expansion

Airport Authority Hong Kong (AAHK) has awarded Fugro another significant land site investigation contract as part of the HKD 141.5 billion three-runway system (3RS) project for the expansion of Hong Kong International Airport.

08.11.2019 (887 Clicks)

IFC and Partners support major hydro-electric Plant in Nepal

IFC, a member of the World Bank Group, and a consortium of other lenders today finalized a $453 million debt financing package that will support the construction of a landmark hydroelectric plant in central Nepal. The plant will increase Nepal's electricity supply by one-third from today’s levels and provide clean, reliable power to up to 9 million people, part of a larger effort by IFC to create markets and fight poverty in the country.

IFC is the lead arranger of the debt package, which includes eight other lenders, and is one of the largest foreign direct investments in Nepal’s history. The financing is being provided to the privately-owned Nepal Water and Energy Development Company. The firm will develop and operate a 216-megawatt, run-of-the-river hydroelectric plant on the Trishuli River about 70 km north of Kathmandu. Officially known as Upper Trishuli-1, the project’s financing structure, competitive tariffs, and use of internationally accepted contract standards is expected to set a standard for future hydropower projects in Nepal.

'This project is a game-changer for Nepal,' said Barshaman Pun, Nepal’s Minister of Energy. 'Not only will it power hundreds of thousands of homes and businesses, but it will also serve as an of example of how private companies can help Nepal expand its hydropower sector and attract much needed foreign direct investment.'

Nepal's rivers, fed by runoff from the Himalaya Mountains, could support 43 GW of electrical generation capacity. But less than three percent of that has been developed. As well, the country has suffered from blackouts and brownouts, hampering businesses and making life difficult for residents.

'There is no question that Nepal has the potential to be an energy powerhouse,' said Bo-Seuk Yi, the CEO of the Nepal Water and Energy Development Company. 'To realize that promise, Nepal can enlist the help of private companies, which have the capital and expertise to make major projects a reality.'

The new hydroelectric plant is expected to be completed in 2024. Along with generating electricity sufficient to supply up to 9 million people, based on 2017 consumption levels, it will also set new environmental and social-impact benchmarks and enhance benefits for local communities. Furthermore, a cumulative impact assessment of existing and planned hydropower projects has been completed for the Trishuli basin, which will help guide sustainable development in the watershed.

“This project represents a significant milestone in the development of Nepal’s hydropower potential as it has been able to attract meaningful private sector participation, particularly from international investors,” said Mengistu Alemayehu, IFC Director for South Asia. “It also shows the unprecedented resilience and commitment by the government, the sponsors, and other stakeholders against all odds over the years, including a major earthquake. We expect this project to become a model for expanded investments in developing Nepal’s hydropower to meet the growing domestic demand and export to the neighboring countries.”

IFC and a consortium of Korean and Nepali partners, in collaboration with the Government of Nepal, have spent over seven years developing the Upper Trishuli-1 project, which is a prime example of IFC’s ability to create markets through upstream project preparation work over many years in low-income countries.

The Nepal Water and Energy Development Company’s key owners are Korea South-East Power, Daelim Industrial, Kyeryong Construction Industrial, and IFC. IFC is providing $190 million in financing, including $95 million of equity and loans from its own account, and $95 million as the implementing entity for other funding sources. The Multilateral Investment Guarantee Agency, another member of the World Bank Group, will provide $135 million in guarantees to cover political risk for the sponsors. Other financiers include the Export and Import Bank of Korea, the Asian Development Bank, the Asian Infrastructure and Investment Bank, the Korea Development Bank, CDC (the United Kingdom’s development finance institution), FMO (the Dutch Entrepreneurial Development Bank), the OPEC Fund for International Development, and Proparco.

Because of its unique development impact, pioneering features, and demonstration to private investors, the project also includes support from the International Development Association’s Private Sector Window, a global facility of concessional funds to support high-impact private sector investments in lower-income countries, the Finland-IFC Blended Finance for Climate Program, and the Climate Investment Funds.

About the IDA Private Sector Window

As part of the record $75 billion IDA18 replenishment, the World Bank Group created the $2.5 billion IDA Private Sector Window to catalyze private sector investment in the poorest and most fragile countries. Recognizing the key role of the private sector in achieving IDA18 objectives and the Sustainable Development Goals, the window provides concessional funds for co-investment alongside IFC and Multilateral Investment Guarantee Agency (MIGA) private investments. Concessional funds help to mitigate risk and reduce barriers, which unlocks and crowds in private investment in emerging markets.

About IFC

IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities where they are needed most. In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.

Source: IFC

                     

07.11.2019 (957 Clicks)

Flatiron secures Contract for Critical Infrastructure Project in Washington

Construction on I-405, Renton to Bellevue Widening and Express Toll Lanes expected to begin in 2020

07.11.2019 (1021 Clicks)

Appointment of new CEO of Endomines AB

Endomines announces that it has appointed Greg Smith as Chief Executive Officer of the company. Greg has, on a consultancy basis, been leading Endomines’ operations in the US and Finland since June 5th 2019, when Endomines communicated that it was evaluating the appointment of Greg as CEO of Endomines. Greg Smith will assume the position of CEO as soon as he has been granted a Swedish work permit (Sw. ICT-tillstånd), which is expected to be granted in February 2020, by the latest.

07.11.2019 (883 Clicks)

Brenner Base Tunnel: Salini Impregilo completes 70% of Southern Lot Tunnelling

Salini Impregilo and partners Strabag, Consorzio Integra and Collini Lavori have done 70% of the excavation work on the southernmost lot of the Brenner Base Tunnel project.

05.11.2019 (776 Clicks)

Turquoise Hill announces Completion of Shaft 2 of Oyu Tolgoi Mine in Mongolia

Turquoise Hill Resources announces that Shaft 2 construction is complete and has entered into the final stages of commissioning.

04.11.2019 (1039 Clicks)

Ed Santamaria starts as President and CEO of Normet

Ed Santamaria, whose nomination as President & CEO of Normet was published on June 3rd, will start in his role today, November 4th. The interim CEO Aaro Cantell will return to his role as chairman of the board. Ed will be based in Normet’s Espoo office.

01.11.2019 (921 Clicks)

Metals & Mining Industry M&A deals in September 2019 total $1.9bn globally

Total metals & mining industry M&A deals in September 2019 worth $1.9bn were announced globally, according to GlobalData’s deals database.

01.11.2019 (881 Clicks)

Steel Piles from SSAB help Port of Gdańsk to jump up on the Podium

A new combi wall at the Port of Gdańsk, Poland, begun in February 2019, will result in a new wharf by 2020 that will be 1,220 m (4,000 ft) long. The most important part of the wharf, the steel piles, came from SSAB.

01.11.2019 (786 Clicks)

Wealth Minerals negotiates Land Access to Valsequillo Silver Project, Mexico

Wealth Minerals Ltd. reports it has successfully negotiated surface access rights to the Valsequillo Silver project (“Valsequillo” or the “Property”) located in southern Chihuahua state, Mexico. The Company has the option to acquire a 100% interest in the Property covering 2,840 hectares. The Property is located approximately 40 km southeast of the city of Hidalgo Del Parral within the Altiplano Polymetallic Belt of north-central Mexico. The Company can acquire a 100% interest in the Property by making payments to the underlying arm’s length vendors of the Property in the aggregate amount of USD $6.0 million over a 90-month (7.5 years) period (see news release dated October 15, 2015).