RMB Resources, the resource merchant banking division of Rand Merchant Bank, Monday said the rapidly rising price of gold had contributed to it finalizing three mining deals on the African continent.

"While there are few new projects in most parts of the resources sector, gold mining transactions have remained relatively buoyant," said Michael Schonfeld, managing director of RMB Resources.

"The large increase in the gold price is particularly good for projects which are at the cusp of development."

Schonfeld said although Africa was no longer the frontier continent it was in the past, it holds great promise as a resources exploration and development destination.

RMB Resources said recent African transactions included a project finance deal for Canadian mining company Etruscan Resources Inc. (EET.T) in Burkina Faso, where, in addition to the original $35 million facility, RMB Resources was arranger and co-provider of a $7.5 million subordinated debt facility.

It said it also arranged and co-provided a $35 million working capital facility for the development by Australian mining company Mineral Deposits Ltd. (MDL.AU) of the Sabodala gold project in Senegal.

It also provided a $10 million standby facility for Cluff Gold PLC's (CLF.LN) development of the Kalsaka Gold Project in Burkina Faso and the Angovia Gold Project in Ivory Coast.

RMB Resources has offices in Melbourne, Sydney, Denver, London and Johannesburg and focuses on small- to medium-sized resource companies.

-By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848; robb.stewart@dowjones.com
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