RMB acted as sole lender and underwriter on a US$180 million acquisition bridge facility to support CoreX Holding B.V. – a Europe-based investment group, in the acquisition of its first nickel mine in Côte d’Ivoire. RMB was subsequently appointed as initial mandated lead arranger, bookrunner (IMLAB) and facility agent on the oversubscribed syndicated term loan facility which refinanced the bridge facility.
The transaction marks CoreX’s entry into African mining, positioning the company within Africa’s critical minerals landscape and supporting its long-term growth strategy.
RMB’s role reinforces its position as CoreX’s key trusted debt adviser and African banking partner, supporting its long-term growth on the continent.
The challenge
The acquisition transaction required a funding solution that could be delivered quickly given the tight timelines for the acquisition. The scale of the transaction, combined with the cross‑border nature of the deal, demanded careful co-ordination with multiple stakeholders, complex documentation across jurisdictions, and adherence to a fixed disbursement date. The key challenge was ensuring that CoreX had certainty of funding under these compressed conditions, where any delay in satisfying conditions precedent risked jeopardising completion of the mine acquisition in Côte d’Ivoire.
At the same time, the financing needed to be structured to enable a seamless transition to a syndicated takeout facility, requiring RMB to prepare for syndication while executing the bridge.
As CoreX’s first mining investment in Africa, the transaction required guidance through the regulatory, commercial and market dynamics of Côte d’Ivoire, with the client entering a new jurisdiction and operating environment.
“The CMB acquisition represents a major milestone in our 10-year strategy to establish CoreX as one of the world’s top 50 mining companies, with clear international expansion plans across chrome, base metals, and precious metals. Entering a new jurisdiction however comes with challenges. Our entry into African mining required a partner that could provide both certainty of funding and deep local expertise. RMB’s ability to deliver the acquisition financing under tight timelines and then lead a highly successful syndication process gave us confidence to execute this transaction and establish a platform for further growth on the continent. Thanks to RMB’s partnership and their valuable expertise, CoreX has secured a critical upstream asset, bringing us one step closer to position CoreX as a reliable and environmentally responsible supplier of nickel products for our customers all around the world,” says Evren Ozturk, CFO of CoreX Holding B.V.
RMB’s solution
RMB provided funding certainty by fully underwriting a US$180 million acquisition bridge facility, removing execution risk and ensuring that CoreX was able to complete the mine acquisition under tight transaction timelines.
Building on this, RMB led the syndication process, achieving an oversubscribed outcome and ensuring a smooth refinancing of the bridge facility. The syndication comprised a five-lender, multi-jurisdictional group, consisting of Absa Bank Limited acting as mandated lead arranger, and European Bank for Reconstruction and Development, Abu Dhabi Commercial Bank PJSC, and The Mauritius Commercial Bank Limited acting as lead arrangers.
This end-to-end approach enabled RMB to support the transaction from acquisition through to long-term financing, combining structuring expertise with distribution capability.
RMB’s ability to deliver both phases of the transaction reflects its deep sector expertise and its role in guiding clients entering new markets, reinforcing its position as CoreX’s trusted debt adviser and African banking partner.
Results and benefits
The deal gives CoreX a foothold in Africa’s mining sector, placing it in the critical minerals market and creating a base for growth. Nickel is a key element of the global energy transition, playing a central role in the production of batteries for electric vehicles and renewable technologies. By financing the acquisition, RMB has supported the development of resources that are critical to sustainable growth and decarbonisation.
The transaction gives CoreX immediate funding certainty, long-term capital access, and a broader, more diverse lender base in Africa.
The deal demonstrates RMB’s ability to combine speed of execution, structuring expertise and syndication leadership in complex cross-border transactions, particularly for clients entering Africa for the first time.
Deal summary
| Client |
CoreX Holding B.V. |
| Deal value |
US$180 million |
| Sector |
Mining |
| Capabilities |
Structured Finance, Loan Syndications |
| RMB's role |
Sole lender and underwriter (bridge facility); IMLA, bookrunner and facility agent (syndicated takeout) |
| Geography |
Côte d’Ivoire |
