Exotix pushes beyond the wild frontier
Peter Bartlett and the birth of Exotix
Discounting a few small marble and limestone quarries, Yemen’s mining sector was non-existent until recently. At the beginning of August, though, the Yemeni parliament finally approved the exploitation licence for the country’s first large-scale mine on a site some 100km northeast of the capital, Sana’a.
The $120 million financing for this has been Exotix’s deepest foray in project finance. Its last project, a $60 million development of a salt mine in the small Horn of Africa country of Djibouti came to nothing after the main investor said it would provide the entire amount, effectively cutting out the need for an intermediary.
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