MCB backs $180 million CoreX Nickel deal in Côte d’Ivoire

Mauritius Commercial Bank (MCB), the island nation’s largest lender and one of Africa’s most active cross-border financiers, has strengthened its push into Africa’s natural resources sector, committing $25 million to a $180 million financing facility supporting CoreX Holding’s acquisition of a major nickel asset in Côte d’Ivoire, reinforcing its strategic push into Africa’s critical minerals sector.

The transaction, announced June 29, 2026, enables CoreX to secure a majority stake in Compagnie Minière du Bafing (CMB), home to one of the largest direct shipping ore nickel projects on the continent.

CoreX secures Côte d’Ivoire nickel asset

CMB operates the Foungbesso and Moyango open-pit mines, which hold approximately 47 million wet metric tonnes of high-grade nickel laterite deposits. The acquisition strengthens CoreX’s global nickel portfolio and positions the company as a vertically integrated mining player focused on long-term, sustainable operations.

Nickel demand continues to rise globally, driven by its essential role in stainless steel production and its growing importance in electric-vehicle batteries and clean-energy technologies. The deal reflects increasing investor focus on securing supply chains for energy transition minerals.

CoreX, which operates across 55 countries in Europe, the Americas, and Africa, has been expanding its footprint on the continent as part of a broader strategy spanning metals, logistics, and industrial infrastructure.

Rising demand for critical energy minerals
MCB participated in the senior secured facility as a Lead Arranger, highlighting its ambition to scale its natural resources finance business and deepen its involvement in large-scale mining transactions linked to Africa’s economic development.

“This transaction marks another milestone in the expansion of MCB’s Natural Resource Finance franchise,” said Youri Harel, Head of Energy, Infrastructure and Commodities at MCB Ltd. “Our growing involvement in complex mining deals reflects stronger internal capabilities and our ability to deliver tailored financing solutions.”

Harel added that MCB is prioritizing partnerships with globally integrated operators like CoreX, whose supply chain capabilities and strategic focus on Africa support long-term growth.

Côte d’Ivoire gains mining investment momentum
CoreX Chief Financial Officer Evren Öztürk said the financing strengthens the company’s financial flexibility as it accelerates expansion across African markets. “The successful closing of this $180 million facility supports our ambition to become a leading global metals and mining player,” Öztürk said. “It enhances balance sheet efficiency and provides the flexibility required to grow our portfolio.”

The deal also highlights Côte d’Ivoire’s rising importance as a supplier of critical minerals, as global demand accelerates for resources essential to industrial production and the transition to cleaner energy systems.