US$80m Acquisition of Martabe Gold and Silver Project
In August 2006 Agincourt Resources completed a company transforming transaction by acquiring the Martabe Gold and Silver Project. A competitive sale process had been operated by Newmont Mining Corporation. Aside from offering a competitive price the bidders also required the approval of the Indonesian government and a strong Indonesian joint venture partner.
The Agincourt consortium, put together and advised by Azure Capital, was successful after a contested 6 month process and then successfully raised $150 million to fund the acquisition via a placement underwritten by Wilson HTM and Deutsche Bank.