Cynthia Urda Kassis

Cynthia Urda Kassis

Partner

Cynthia is Global Co-Head of PENRI and Mining Sector Lead.

Cynthia focuses on project finance, joint venture transactions and restructuring in the mining, energy, and infrastructure industries.

Cynthia’s clients include corporations, traditional and alternative financiers, government agencies, and development institutions.

Experience

Representative matters

Mining & Metals
Allkem S.A. on a senior secured credit facility from the International Finance Corporation (“IFC”) and a parallel senior secured credit facility from IDB Invest for the design, engineering, construction, operation and maintenance of the Sal de Vida lithium brine project located in the province of Catamarca, Argentina; this being IFC’s and IDB Invest’s first investment in lithium mining, and the first greenfield mining project financing to be structured as a green and sustainability-linked loan (a so-called “Super Green Loan”). 
Nevada Copper on the development and several financings for their Pumpkin Hollow underground project. The initial financing package consisted of a project financing from KfW IPEX-Bank, supported by a UFK guarantee, an advanced payment agreement from Concord Resources, stream and royalty financings with Triple Flag, a cost overrun facility and offtake agreements with Aurubis and Concord Resources. The project was named “North America Mining Deal of the Year” (2020) by IJGlobal. The Restart Financing Package provided additional liquidity to the Company to support the restart and ramp-up of the project. The Restart Financing Package is comprised of several sources of funding, including additional stream and royalty funding, an incremental credit facility, deferred senior project and working capital interest payments, debt consolidation and warrants, additional equity and an additional backstop facility.
Orion Mine Finance and Blackstone Tactical Opportunities on the financing of Lundin Gold’s $1B+ Fruta Del Norte Project in Ecuador, which consists of a prepaid gold loan, a stream and equity investments from Orion/Blackstone, a project financing from KfW and a club of commercial banks (with a guaranty from Finnvera), a cost overrun facility and a strategic equity investment by Newcrest, Orion and the Lundin Family trusts. This transaction was the first large scale mine financing in Ecuador and was recognized as IJGlobal’s “Latin America Mining & Metals Deal of the Year” for two years running.
Société Générale and ING on the structured acquisition financing for the take private transaction by Pala Investments of Cobalt 27. The financing included a term credit and note purchase facility secured by, among other things, a first lien on the cobalt stream agreement between Cobalt 27 and Vale with respect to Voisey’s Bay. It also involved a borrowing base facility that was secured by a first lien on the cobalt inventory owned by Cobalt 27 and stored in warehouses in Baltimore, Belgium, and The Netherlands. The acquisition by Pala Investments of Cobalt 27 resulted in the spinout of Conic Metals Corp. (previously known as Nickel 28).
Orion Mine Finance on its acquisition and financing through Sweetwater Royalties of Occidental Petroleum Corporation’s (Oxy) Wyoming, Colorado and Utah Land Grant assets for about $1.33 billion. The Land Grant assets have a footprint of approximately 4.5 million mineral acres and 1 million fee surface acres. The assets include mineral rights to the world’s largest known trona deposit and originate from the land grants made by the US government in the building of the transcontinental railroad. Orion funded the acquisition in part through the offering of Senior Secured Notes due 2040, by Sweetwater Royalties, arranged by Citigroup Global Markets and RBC Capital Markets and the offering of Senior Secured Notes due 2027, by Sweetwater Trona HoldCo, arranged by Citigroup Global Markets. 
Société Générale as mandated lead arranger, administrative agent and as lender together with several other commercial banks on structured senior secured revolving facilities to several SPVs as borrowers, secured by each such borrower’s inventory of various commodities and revenues derived from contracts for the sale of such commodities.
Mantos Copper (now known as Capstone Copper) in connection with the renegotiation with Osisko of the stream which partially financed the acquisition by the Orion Resources/Audley consortium from Anglo American of the Mantoverde and Mantos Blancos mines in Chile in anticipation of the advancement of the proposed Mantoverde Development Project and Mantos Blancos Concentrator De-Bottlenecking Project.

Energy & Petrochemicals
Engie Energía Chile on an unsecured loan facility from IDB Invest in its own capacity and in separate capacities as agent of the Inter-American Development Bank and as sub-implementing entity of the Trust Fund for the Clean Technology Fund for the design, construction, operation and maintenance of the 162 MW Calama Wind Farm to be located near the city of Calama in northern Chile allowing the early retirement of one of Engie Energia Chile’s coal-fired facilities. The Clean Technology Fund loan deploys a first-in-kind pilot financing structure that monetizes the actual displacement of CO2 emissions of the existing fossil fuel fired power assets being replaced, thus facilitating such early retirement.
The four largest electric generation companies in Chile, being AES Gener, Colbun, Enel and Engie, on the securitization through Chile Electricity PEC SpA of certain credit rights generated by the 2019 Tariff Stabilization Law which put a temporary cap on electricity prices to Chilean households and small businesses. The securitization was funded by Senior Secured Zero Coupon 144/Reg S notes arranged by Goldman Sachs and financing provided by IDB and Allianz.
Transmisora Eléctrica del Norte S.A. (TEN) on the financing for the construction of its transmission line connecting the two major electrical grids in Chile (being the northern and central grids), transforming Chile’s energy market and involving an innovative and complex dual-currency (USD and CLP) multi-tranche financing.
Lenders on multiple aspects of the proposed $7.33 billion Gasoducto Sur Perúano project, a more than 1,000 km gas pipeline in Peru, including the workout thereof as a result of the Lava Jato corruption scandal. This was one of the largest infrastructure projects to come to market in the history of Peru’s energy sector.
BNDES, the National Development Bank of Brazil, on the proposed project financing of $3.2 billion for the initial nine of a portfolio of 24 deepwater drilling units of Sete Brasil Participações chartered by Petrobras. 
Sasol Limited and its affiliates in connection with the entry by Sasol Chemicals North America LLC into a 50/50 joint venture with INEOS Olefins & Polymers USA to construct, finance, own and operate a high-density polyethylene plant in LaPorte, Texas and in connection with the project financing of such plant in the Term B market through a $420 million facility, as well as the subsequent sale by Sasol of its interest in such joint venture.

Infrastructure
The United States Department of Transportation (DOT) on the initial $526 million financing of the construction of the Moynihan Station Project in New York City. The project helped transform the James A. Farley Post Office Building to a modern, state-of-the-art train station and delivered critical improvements and expansions that will ease congestion and delays in Amtrak’s Northeast Corridor rail service.
Private placement noteholders and designated lenders’ counsel in connection with the financing of the $2.8 billion acquisition of Skyway Concession Company, which operates, manages and maintains the Chicago Skyway toll road under a 99-year lease pursuant to a public-private partnership (P3) with the City of Chicago, which owns the Skyway; the consortium, comprising Canada Pension Plan Investment Board, Ontario Municipal Employees Retirement System and Ontario Teachers’ Pension Plan, was the winning bidder in the sale by the prior holders of the Skyway lease. 
The US Department of Transportation (DOT) on the restructuring of the Transportation Infrastructure Finance and Innovation Act loan made to SH130 Concession Company LLC (“SH130”), and the bankruptcy proceedings of SH130 and other debtors related to the Texas State Highway 130 project.
The United States Department of Transportation (DOT) in connection with the extension of Transportation Infrastructure Finance and Innovation Act loans to Plenary Roads, the winning bidder, for the US 36 Managed Lanes/Bus Rapid Transit Project in Colorado, through an innovative multi-tiered structure.
Export Development Canada (EDC) in connection with its portion of the financing, of an approximately $300 million co-financing with the Export-Import Bank of the United States and Israel Aerospace Industries Limited (as a vendor finance provider) for SpaceCom’s AMOS-6 satellite program.
Eutelsat S.A. in connection with an Export-Import Bank of the United States financing of Eutelsat’s interest in a 25B satellite constructed by Loral and located at the 25.5 degree East orbital location.
Panama Canal Authority with respect to the financing aspects of its $5.2 billion expansion program that created a third lane for transiting vessels, substantially increasing Canal capacity and allowing for the passage of larger ships (selected as “Project Finance Deal of the Year” (2009) by Latin Finance and “Project Finance Deal of the Year” (2008) by IFLR Americas).

Pro bono

The Nature Conservancy (TNC) on its Belize Blue Bonds transaction, the largest sovereign debt restructuring for marine conservation to-that-date, which used techniques from sovereign debt restructurings, structured financings, political risk insurance and debt swaps. It is the first major financing under TNC’s Blue Bond for Ocean Conservation Program, a TED Audacious Project Big Idea. The transaction enabled Belize to refinance its external debt, make ambitious commitments to protect 30% of its ocean, strengthen governance for fisheries and establish a coastal blue carbon project framework through a unique collaboration among a government, an environmental NGO, an investment bank, the US’ DFC and parametric insurers (selected as Environmental Finance’s Bond Awards 2022 as Innovative Bond Structure (Sustainability Bond) and Sustainability Bond of the Year (Sovereign) and winner of the Grunin Prize for Law and Social Entrepreneurship (2022)).

The Nature Conservancy (TNC) on an innovative financial deal that will enable the Government of Barbados to redirect a portion of its sovereign debt service into marine conservation funding in support of the nation’s commitment to conserve approximately 30% of its ocean and sustainably develop its blue economy. The deal will unlock approximately $50M to support environmental and sustainable development actions. 

The Nature Conservancy (TNC) in the “Blue Bonds” transaction to refinance $500 million of Gabon’s national debt which will generate an expected $163 million in new funding for ocean conservation. This innovative transaction with the government of Gabon is the first conservation-focused ‘debt conversion’ involving a country in mainland Africa, and the largest amount of new debt raised as part of the TNC’s “Blue Bonds for Ocean Conservation” program.

Public International Law & Policy Group (PILPG) in the supervision of the preparation of multiple memoranda over several years on transitional justice and other human rights matters covering a range of jurisdictions including Bangladesh, Burma, Sri Lanka, South Sudan, Tanzania and Yemen.

Published Work

Speaking Engagements

  • Panelist, Risk Management for the swift implementation of global resource development and energy transition projects., IBA-SEERIL Biennial Conference, April 2024
  • Speaker, Rise of OEMs: Lessons Learned, Mining Indaba General Counsel Forum, February 2024
  • Panelist, Technical Session: Funding Sources – Changing Priorities, AEMA Annual Conference, December 2023
  • Panelist, Project Development, Finance, and Risk Perspectives, Foundation for Natural Resources and Energy Law, July 2023

Leadership Positions And Professional Affiliations

  • Steering Committee, FNREL Special Institute on International Mining and Energy, Development and Investment 2025 Trustee-at-Large for the FNREL, 2010-2014
Recognition
Cynthia is one of the top lawyers in her field.
Chambers USA: Nationwide: Mining & Metals, 2023
She is incredibly smart, knowledgeable and has decades of experience.
Chambers USA: Nationwide: Mining & Metals, 2023

Awards

  • Band 1 Ranking, Chambers & Partners, USA Nationwide: Mining & Metals (Transactional) and USA Nationwide: Projects, Recognized by Chambers USA since 2003
  • Band 1 Ranking, Chambers & Partners, Chambers & Partners Global, Latin America: International Counsel: Project Finance Global: USA: Mining & Metals (Transactional), Chambers Global: USA: Projects, Foreign Expert: Latin America-wide, Chambers Global: USA: Project. Recognized by Chambers Global since 2003.
  • Band 1 Ranking, Chambers Latin America: International Counsel: Project Finance, Recognized by Chambers Latin America since 2009.
  • Who’s Who Legal Global Elite Thought Leader for Mining, 2023; Global Elite Thought Leader for Project Finance, 2023; Thought Leader USA Mining 2023, Thought Leader USA Project Finance 2023.
  • Hall of Fame, Legal 500 USA, 2023 and Leading Individual for Projects and Energy and Banking and Finance, The Legal 500 Latin America, 2024

 

Qualifications

Admissions

New York State

Academic

B.A., University of Virginia
M.A., University of Notre Dame
J.D., American University Washington College of Law
Disclaimer
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.