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UK Export Finance (UKEF) is providing support to London-based specialised heavy equipment supplier Dints International for a vendor management inventory (VMI) contract the firm has won from Gold Fields Ghana (GFG).
The contract provides inventory procurement and management from multiple original equipment manufacturer (OEM) suppliers in a single process. The deal, which is backed by both UKEF and Investec Bank, will allow GFG to benefit from extended payment deadlines.
According to a UKEF spokesperson, the contract is a revolving framework enabling the buyer to undertake procurement as and when required: "Each of the major mining companies procure a whole array of goods and services to keep their operations going, and we supported Dints with a tailored supplier credit financing structure that ensures it receives prompt payment for goods delivered to the buyer, while the buyer can benefit from extended terms".
Dints is being advised by Gabriel Buck of GKB Ventures; it is also receiving legal advice from Sullivan & Worcester.