Our client is a Dubai-based venture capital fund (Client) that mainly invests in the commodities business. The Client and another investor have been working with the Government of Kenya to set up gold refinery operations (Company) in Kenya. The Company had received the requisite licenses from the Kenyan Ministry of Mining. After which, they started setting up a state-of-the-art gold refining facility and signed off-take agreements for procuring ore from gold mines. They were in the process of signing a supply agreement with a GCC-based commodity player.
