Herbert Smith Freehills and Mitrani Caballero Ruiz Moreno advised IFC on USD200 million project financing of the high-profile Sal de Vida mining project
| Herbert Smith Freehills has advised the International Finance Corporation (IFC), a member of the World Bank, on its financing of Allkem, a world-class lithium chemical producer, to support the development of Sal de Vida, a greenfield lithium operation in the province of Catamarca, Argentina.
IFC was advised on Argentine law by the firm Mitrani Caballero. Mitrani Caballero team was formed by partner Julio Martinez, Matías Olcese, Maria Laura Lede Pizzurno, Corina Laudato and Maria Paula Terrel and by the associates Catalina Sarrabayrouse, Maria Jose Fernandez Ruiz, Juan Manuel Iglesias Mamone, Leonel Palomares, Julieta Concetti and Yamila Di Martino. The Herbert Smith Freehills team was led by finance partner Edward Dougherty, supported by senior associate Danielle MacGillivray, and associates Sebastian Celis, Lina Vélez and David Peraza in New York. Partners Jay Leary and Miles Wadley provided advice from Australia, with assistance from Michael D’Agostino, Frank Main and James Darcy. The financing is IFC’s first investment in lithium mining and includes up to US$100 million for IFC’s own account and up to US$30 million in mobilization. An additional US$50 million parallel loan arranged by IFC is expected to close subsequently to complete the total financing package. Lithium is a key input for batteries that power clean energy technologies and plays a critical role in the transition to a low-carbon future. The International Energy Agency estimates that the lithium supply needs to increase sevenfold by 2030 to reach its net-zero emissions scenario by 2050. |
