Incremento Reopens Its Mines
Livingstone Industrial team has advised the shareholders of Incremento Grupo Inversor, S.L. (“Incremento”) in obtaining financing and a subsequent commercial agreement with Global Tungsten & Powders Corp. (“GTP”).
Located in Galicia -Northwest Spain-, Incremento invests in mining and quarrying operations and is the owner of two tungsten mines, one of which is the San Finx mine in the province of Lousame. This was the first mine in Europe to extract tungsten and it also contains large reserves of tin. In light of the mines’ readiness for operation, with no infrastructure investments required, Incremento sought agreements with end clients of its product as a way to finance the reopening of the mines.
With its headquarters in Towanda, PA USA, Global Tungsten & Powders Corp. (GTP), is a leading, global producer of tungsten, molybdenum, other refractory materials and phosphors produced in the form of ammonium paratungstate, powders, rod, wire and other fabricated products.
Following an exhaustive global search, the Livingstone team found the best candidate for Incremento. Through the agreement between the two parties, GTP offers Incremento significant security providing guaranteed sales of tungsten on a long term basis. The closing of the deal leads to the reopening of the mines with immediate effect.
Neil Collen, Partner of Livingstone, said: “The deal was really interesting as our client required financing linked to a guarantee of purchase of its product. It was a global transaction as we contacted European, NorthAmerican and Chinees groups, and we are delighted that our clients found the security they were searching.”. And he added, “GTP has carried out an excellent deal considering that tungsten prices have increased due to market shortage”.
Bill MacDonald, Partner of Livingstone, added: “I am confident that we have added significant value to our client Incremento by structuring an agreement that will benefit Incremento and GTP, enabling Incremento to develop its operations to its full potential”.
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