AustraliaAustraliaAmsterdam +61 408 200 814 +31 6 2983 2003

We help clients globally, with some examples below.

Why did they hire us? 

Because we could step in and ”hit the ground running” and execute a wide range of  tasks quickly and correctly. We work for borrowers, lenders, or in some cases no finance was involved.  From documentary to numerical: from due diligence review, to Investor Relations to dealing with counsel and lenders in debt structuring, to writing documentation or producing complex financial models.

Metro Mining Limited – 2019-2020:

Mining & Infrastructure:
Emma McPherson was engaged by Metro Mining to obtain project finance debt funding from Northern Australia Infrastructure Facility (NAIF) to fund expansion of their Bauxite Hills mine near Weipa. Our approval was received on 12th of November 2019 for $47m.


The funding is to buy a new floating shiploader. Such a vessel will allow loading of larger ships (Panamax and Cape versus Ultramax)and also at a faster rate, thus delivering lower opex costs on a $/ t basis. The loan will also lead to more jobs at the mine and port, and will result in more than $500 million of public benefits to the local and Cairns areas, over the life of the mine.


The loan from NAIF is at concessional rates thus also reducing Metro’s cost of funding.


Emma’s role encompassed all aspects of dealing with NAIF and legal counsel, from creating the project finance financial model to writing all the various documents NAIF require (such as public benefit analysis, indigenous engagement strategy, Australian industry participation plan, and the investment proposal), Loan structuring and negotiation, all legal documentation, and review of, or arranging, all due diligence required (as typical in a project finance loan: market, technical, environmental, social and governance, insurance, legal).


If you have a project in Nth Australia with an infrastructure element, that can also illustrate substantial public benefit –and require funding, feel free to contact me. I’ll be happy to explain the NAIF procedure and also assist.


Adani – 2016-2018:

Emma McPherson was engaged to complete a variety of tasks, the key one being to secure a circa $900m loan from Northern Australia Infrastructure Facility (NAIF).  This required execution of a wide range of tasks: financial modelling, dealing with all potential lenders (banks to NAIF to Asian ECA’s), term sheet review, finalisation of BFS for both mine and rail (38 chapters), daily liaison with our engineers across mine and rail, investor facing role/answering all DD questions from our global Investors, and assisting the CFO in all matters. Emma had ownership of the financial model which aggregated >AUD$4bn of Capex and Opex across the 3 sub-projects of Mine, Below Rail, and Above Rail, which contained > AUD$3bn p.a. in revenues.  Emma was responsible for all financial information disseminated externally re this project. Emma also worked on funding of the solar farms Adani is building in Australia at Rugby Run (NSW) and Whyalla (SA).

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JLL – 2015:

One of Italy’s premier commercial real estate firms JLL Italia,  engaged RFA to audit and improve their  financial model/  valuation tool that they use when approached to provide independent valuations. JLL is one of the premier firms providing valuation of multi-million Euro buildings, for potential investors such as Insurance companies and Pension Funds. The engagement required a detailed understanding of the Italian real estate sector and Italian fiscal / tax codes.

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BHP Billiton – 2014-2015:

BHP Billiton’s coal division, BMA, engaged RFA over 8 months in the Valuations area to execute a range of tasks from model audit to mine optimisation to sensitivity analysis. RFA has been consulting to other ASX listed coal miners since 2011, thus has coal- technical knowledge- essential to “hit the ground running” and assist our coal clients.

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Australia and Mongolia
Guildford Coal – 2013-2014:

Guildford Coal engaged RFA over an 8 month period to audit existing valuation models covering their Mongolian and Australian coal projects, as well as creating new company wide valuation Models. RFA was sent to Mongolia to undertake modelling on potential acquisition targets, as well as assisting the client in non quantitative areas: legal documentation and presentations for potential M&A transactions.

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Julius Bär, Schweizer Privatbank – July 2014: Zurich, Switzerland

Rock Financial Advisory delivered 2 days advanced Excel training to a Julius Bär staffmember, one of Switzerlands leading private banks,  and in such time took her from beginner to Advanced in Excel. The course was tailored to her requirements, focusing on managing, sorting and presenting  large amounts of statistics, as well as automating from Excel into Powerpoint.

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Glencore AG – July 2014: Baar, Switzerland

Rock Financial Advisory delivered 5 days intensive training to Glencore staff in advanced Financial Modelling, Investment Banking & Private Equity, and Mining Valuation. The course was tailored to the clients requirement in terms of both content and level of Modelling complexity.

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Private Tuition – 2014: Zurich, Switzerland

RFA gave advanced Excel training to a Credit Suisse staffmember, from the marketing function, who wanted to learn advanced pivot tables and complex formulae. She started the course as a beginner, and after one day left as Advanced, knowing  advanced techniques such as how to apply conditional formatting to data tables. She responded it was the best training she’d ever attended, she found the exercises we had devised as interesting , bordering on “fun”! , and in one day had learnt more than 10 years of Excel training.

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Hult Business School – 2014: Lucerne, Switzerland

RFA gave training in financial modelling to staffmembers at Hult International Business School, in Lucerne, one of the leading global business schools (Financial Times 100 Top Business Schools 2014).  Showing our flexible approach, in this training we didn’t teach any of our standard material, but rather received files from the client before the course with specific questions they had. They wanted to learn better ways to work with such large files ( >6000 data entries), and also error-shooting  and file clean-up methods, when importing from Sales Force and CSV formats. The client’s feedback was that the course was very good, and they were very happy with the trainer, in particular saying he was very helpful in showing tools on how to clean up data, compare files, pivot tables etc. We have multilingual trainers across Europe- contact us today to see how we can help solve your work specific needs.

Private Tuition – 2013:

RFA gave 7 days private tuition to a young Chinese law graduate (Cambridge, UK) who was moving into mining/corporate finance and needed intensive training for job interviews. We had many discussions prior to the classes, and were able to tailor material specifically for him. He gave the course a 10/10 with the following comments  Excellent materials that were thoroughly prepared and tailored to my individual requirements.  Intense classes but managed to successfully cover a wide range of topics, from metals & mining to leveraged buyout and M&A merger models. The trainer was very responsive to questions and also provided impeccable answers. She was also very receptive to suggestions on changing content during the course and had other exercises in reserve to meet new content requests. This proved to be extremely crucial, as I had new interviews scheduled at the last minute that we hadn’t discussed, but she was able to adapt to my request”.  

Contact us if you are serious about progressing your career.. or just want to complete your Excel work faster!

Barrick Gold Corporation – 2013: Cairns

RFA gave 4 days intensive financial modelling training to financial staff from Barrick Gold, PNG and Zambia. We were able to illustrate how many complex formulae can be easily constructed-as well as many timesaving tips and short-cuts The best feedback we can get is when students tell us they were able to go back to the office on Monday and implement  everything they’d learnt – and create more efficient/cleaner financial models, that produce results quicker- and generally make their job easier- and this is what these attendees told us.

Siemens – Febuary 2013: Nuremberg

RFA consulted to Siemens AG in Nuremberg, Germany re construction of a new global, standard template financial model for one of their divisions, and also gave training to the team in Advanced Excel and Financial Modelling. The team were happy with the training and over 3 days learnt many new Excel functions, tips and short-cuts,  and in general, faster ways to complete their Excel work.

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Aquila Resources – May 2011 – July 2012:

Services performed: Audited, amended and updated existing financial models (across Aquila’s various Bowen Basin coal mines).
Purpose of Model/s: Equity Valuation
Details: Valuation of coal mines owned by Aquila Resources in Bowen Basin, Queensland: Washpool, Isaac Plains, Eagle Downs and various undeveloped EPC’s

Specific tasks: Audit and rebuild of original models, liaising with staff (from mine managers to geologists, chemical engineer, coal marketers) to update models and determine valuation. This required an understanding of the complete mining cycle (in order to interrogate the inputs) i.e. extraction, production, blending and processing, logistics (port and rail) , price re the various coal products (HCC, SHCC, SSCC, PVCI), their properties (ash content, volatile matter, crucible swelling index).

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Aquila Resources – December 2011- February 2012:

Services performed: Created a new project finance model for one of Aquila’s coal mines in Bowen Basin, Queensland, Australia.
Purpose of Model/s: Project Finance
This required:
Calculating all the items mentioned above re coal mining, to arrive at the correct project cash flows, and then
Overlaying that with calculations for typical project finance ratios and outputs, i.e., CFADS, ICR, DCSR, PLCR, LLCR, payback analysis, cash-sweep analysis.  Different potential debt products were also analysed ranging from DCM to ECM.

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Kaplan Professional – 2009: Sydney

The founder of RFA, Emma McPherson was appointed to the panel for Kaplan’s subject Mining Valuation: Emma wrote and marked the exam, where students had to create a financial model based on the Annual Report of Avoca Resources (subsequently purchased by Anatolia Minerals).

Resource Generation – 2009: Botswana

RFA audited, amended and updated the existing financial model, and added valuation and project finance pages, re coal mines owned by Resource Generation, in Botswana, South Africa.

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Serco – April – June 2009: Sydney

RFA created a new financial model for a bid to provide health services.

Euromoney plc/ Shinhan Bank Korea – September 2009: Hong Kong

Euromoney Training plc sub-contracted RFA to give 4 days training to 20 bankers from Korean bank, Shinhan, in the subject:  “Financial Modelling for Mergers & Acquisitions”. The attendees gave an overall rating of 90% for the trainer and all responded that they would recommend the course to others.

Serco/Laing O’Rourke/Bombardier Transportation – October 2009 – March 2010: Sydney

RFA created a new financial model for Serco’s Bid for the operations contract of the proposed Sydney Metro underground rail system.

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Serco – March 2010 – May 2011: Perth

RFA created a new financial model for Serco’s winning bid for the 20 year operations contract of the new Fiona Stanley Hospital, Perth, Australia.

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Aquila Resources – May 2011 – July 2012: Brisbane

RFA audited, amended and updated existing financial models (across Aquila’s various Bowen Basin coal mines).

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Aquila Resources – May 2011 – July 2012: Brisbane

RFA audited, amended and updated existing financial models (across Aquila’s various Bowen Basin coal mines).

Evolution Mining
Evolution Mining – December 2011 – April 2012:


  1. Audited, amended and updated five existing financial models (across Evolutions five gold mines)
  2. Created a new company-level valuation model.
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Aquilla Resources – January 2012: Queensland

RFA created a new project finance model for one of Aquila’s coal mines in Bowen Basin, Queensland, Australia.

Rock Financial Modelling – Italia – 28 August 2012: Milano

On 28 August we held the launch function for our first European office (in Milano, Italia) for Rock Financial Modelling. The party was held at the Milano Park Hyatt, and thankyou to all who came. We had attendees from the Italian Banking, Private Equity, Real Estate and Industry sectors thus it was an excellent evening of networking, and discussions re optimal financial modelling and how to value assets in the recessionary European environment.

Associazione Italia – Australia – October 2012: Roma

The Founder of RFA has been appointed President, Consultative Council for Australian Business. Se sei un Italiano che vuole fare affari in Australia-possiamo aiutare, chiama noi in Italia on: +39 348 534 3475.

UCL Resources Limited – December 2012: Namibia

RFA audited and added project finance calculations to UCL’s financial model re thir marine phosphate mine in Namibia.