Ashurst Morris Crisp in Tokyo is advising Japan Bank for International Cooperation (JBIC) on a $1 billion project to expand an aluminium smelter in Mozambique, which is expected to reach financial close in June.
The Mozal smelting plant near Maputo, the country's capital, is one of the largest in the country. Through the sale of its products, the plant has helped to triple Mozambique's export income.
John McClenahan, an Ashursts banking and projects partner, began advising officials in the project finance and energy and natural resources departments at JBIC in January. McClenahan has advised JBIC on previous deals, most recently during the bank's role as proposed lender on the financing of a new passenger terminal at Ninoy Aquino international airport in the Philippines.
John Tucker, head of banking at Linklaters in London, is leading the team acting for Billiton, the leader of the consortium sponsoring Mozal.
Peter Avery at Clifford Chance in Tokyo is outside counsel to Mitsubishi Corporation, a second consortium member.
South Africa's Industrial Development Company, a third consortium member, is using an in-house team on specific matters such as shareholder issues.
Margaret Cole, a project finance partner at White & Case in Bangkok, is advising the senior lenders, which include the International Finance Corporation (IFC) and the European Investment Bank.
Cole, who was in-house counsel at the IFC in Washington, DC before joining White & Case, counselled the lenders from 1997 to 1999 during the construction of the plant, and began advising on the expansion phase 18 months ago.
The expansion is costing $1 billion, which includes a $400 million equity investment and a $600 million debt package, coordinated by the IFC. Phillip Bowden, a lawyer at Allen & Overy in London, is acting for the subordinated lenders, including the Commonwealth Development Corporation and the Development Bank of Southern Africa.