He was corporate broker to a dozen UK-listed miners and worked on the US$3 billion financing of Aluminium Bahrain's 500,000 tonnes per annum aluminium smelter expansion, the recapitalisation of Kenmare Resources, the acquisition of Stillwater by Sibanye and Rio Tinto's Ivanhoe Mines transactions. SolGold says Hofmaier funded bulk and base metals mines into production and counted numerous global hedge funds and private equity investors among his clients.
"Ingo's appointment is very important for SolGold and underscores the company's commitment to the progression of the Cascabel project through prefeasibility and definitive feasibility by end 2020," SolGold CEO Nick Mather said.
"Ingo will be focusing on the establishment of a development financing solution for SolGold's share of development costs incurred by ENSA on the Cascabel project. His comprehensive understanding of SolGold and the project, his experience in debt and equity capital markets, and financings of this nature, and his deep understanding of the global commodity markets, particularly copper and gold, auger well for delivery of the financing package."
SolGold expects to have 15 drill rigs turning at 85%-owned Cascabel in September as it aims to deliver a third mineral resource estimate for its PFS due this year, as well as generating metallurgical and geotechnical data for mine planning. The company wants to complete the definitive feasibility study for an initial US$2.6 billion development at Cascabel by the end of 2020.
Hofmaier says SolGold will look for an "independent, flexible and multi-source funding solution" in a period where he sees the cost of capital being low "for years to come".