Past Clients : 

Below we list some of our assignments, which can range from a one year fund raising mandate, to a one week transaction support role. 


Metro Mining Limited, 2019/2020, Brisbane
  • Sector: Mining & Infrastructure
  • Service: Debt Raising: $47m

Metro Mining engaged Rock Financial Advisory to obtain project finance debt funding from Northern Australia Infrastructure Facility (NAIF) to fund expansion of their Bauxite Hills mine near Weipa. 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 Utramax) and also at a faster rate, thus delivering lower opex costs on a $/ t basis. The loan will enable the expansion to proceed, thus lead to 50 more jobs across mine and port, and 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, and long repayment tenor (7 years) thus also reducing Metro’s cost of funding.

Our 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 Northern Australia which requires funding, which has an infrastructure element and can also illustrate substantial public benefit – feel free to contact us.  We can explain the complete NAIF debt process.


Adani, 2016/2018, Brisbane
  • Sector: Mining & Infrastructure
  • Service: Debt Raising, Financial Modelling, BFS finalisation

Adani engaged Rock Financial Advisory to assist in a wide range of matters related to construction of the Carmichael Coal project and 382km rail line, including

  • securing a $900m loan from Northern Australia Infrastructure Facility (NAIF), and
  • securing > $1.2billion of Export Credit finance and Equipment Financing. 

This required execution of a wide range of tasks: financial modelling, dealing with all potential lenders (NAIF , ECA’s, banks), 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. We 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.  We were also was responsible for all financial information disseminated externally re this project. We also worked on funding of the solar farms Adani is building in Australia at Rugby Run (NSW) and Whyalla (SA).

Link Housing, 2016, Sydney
  • Sector: Real Estate
  • Service: Debt Raising & Transaction Support

Link Housing engaged Rock Financial Advisory to assist in their bid to access the SAHF  Fund (NSW Govt) and debt financing from CEFC. This required execution of a wide range of tasks, from interrogation of all inputs to creating the financial model, and liaising with banker CEFC (Clean Energy Finance Corporation).

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JLL, 2015, Milan
  • Sector: Infrastructure/Commercial Real Estate
  • Service: Valuation & Financial Modelling

One of Italy’s premier commercial real estate firms JLL Italia,  engaged RFA to audit and improve their template financial model/  valuation tool, they use when approached to provide independent valuations.  Our role was to audit and improve this model, which was overly-complex, with many unnecessary formulae and macros, which made it difficult for JLL staff to understand and thus explain to their clients.  We created a much easier-to-understand, and transparent model, (removing all VBA code/ macros and overly complex formulae) which clearly shows how inputs lead to outputs, and thus easier for JLL staff to explain the valuation outcomes to their clients. 

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BHP /BMA, 2014/2015, Brisbane
  • Sector: Mining & Infrastructure
  • Service: Valuation Advisory

BHP’s coal division, BMA, engaged RFA in 2014/2015 in the Brisbane business analysis/ evaluation team. Main tasks were to conduct valuations on existing and potential projects, with particular projects being:

  • BMA’s Hay Point Coal terminal – working with infrastructure team to assess and then model future growth and maintenance options
  • Caval Ridge & Daunia coal mines: performing PIR (Peer Investment Reviews), where actual performance is compared to what was forecast i.e. what was approved at project sanction date.
  • Goonyella Riverside coal mines: working with mine planners to identify the optimal mine plan for expansion: assessing many different pit mining sequences to report back to the Head of Business Evaluation, which would produce the best NPV.  This involved extensive interrogation of data and all calculations, working closely with the mine planning team,  and a robust knowledge of coal mining.
  • South Walker Creek and Poitrel coal mines: audit and update of assumptions
  • All seven BMA coal mines: comparison of all key inputs and outputs across extraction, processing, and logistics (port and rail) in order to benchmark,  and identify any major difference, and reasons for such.
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Australia and Mongolia
Guildford Coal, 2013/2014, Brisbane
  • Sector: Mining & Infrastructure
  • Service: Valuation Advisory & Due Diligence on Mongolian target

Rock Financial Advisory was engaged by Guildford Coal (was ASX: GUF, now  ASX: TER to execute various  tasks:

  • Audited and re-built the existing operational model, covering their 7 Mongolian coal mines and rail project (from Mongolian mine south to the Chinese border),  to produce valuations.
  • Travelled to Mongolia to meet with the onsite mine team to further refine the valuation model.  Also in Mongolia, completed due diligence on a potential target owned by our JV partner Noble Trading.
  • Assisted the company in other facets: ASK Listing governance / project finance modelling / legal due diligence/ slide decks re potential MA& activity / created financial models and presentations for a potential refinancing.
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Julius Bär, Schweizer Privatbank, 2014, Zurich

Rock Financial Advisory delivered 2 days advanced corporate finance training to a Julius Bär staffmember, one of Switzerlands leading private banks, where the course was tailored to her specific requirements, and taught in German.

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Glencore AG, 2014, Baar, Switzerland

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

Barrick Gold Corporation, 2013, Cairns

Rock Financial Advisory gave 5 days intensive financial training to financial staff from Barrick Gold, PNG and Zambia, who flew to Cairns for the training.  We were able to illustrate how

  • many inbuilt functions in Excel and perfect for the mining sector, and may seem complex  but are not,
  • to construct them, and
  • these formulae can  make daily tasks much easier in many aspects, from cash flow forecasting and budgeting to cost control
Siemens AG, 2013, Nuremberg
  • Sector: Health
  • Service: Transaction Support

Siemens AG, Head Office in Nuremberg, Germany engaged Rock Financial Advisory  to assist in creating a new template financial model for their global health division that they could use going forward when bidding on projects globally.  We delivered an easier-to-use, and more transparent model where users could clearly see the link between inputs and outputs, as well as conduct easy scenario and sensitivity analysis.  This will allow Siemens to submit bids faster and also better explain the outcomes to their clients.  We also gave training to the team in Advanced Financial Modelling.

2012, Milan

On 28 August 2012, we held a launch function for our first European office in Milano, Italia. The function 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.

Associazione Italia – Australia, 2012, Roma

The Founder of RFA, Emma McPherson, 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, 2012, Namibia
  • Sector: Mining
  • Service: Transaction Support

Rock Financial Advisory audited and added project finance calculations to UCL’s operational cashflow model for their marine phosphate mine in Namibia, in preparation for discussions with banks re PF.

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Aquila Resources, 2011/2012, Brisbane
  • Sector: Mining & Port Infrastructure
  • Service: Transaction Support

Rock Financial Advisory was was engaged to:

  • Audit, amend and update the existing financial model for Aquila’s Washpool coal mine in readiness for its sale, as well as write the finance chapters of the BFS, and liaise with Advisers on the sale (Deutsche Bank and UBS)
  • Audit and update the financial model for Eagle Downs underground coal mine, and run various sensitivities for management , as well as providing data for court documents re litigation with 50% owner Vale.
  • Refine the Isaac Plains model adding new assumptions and running many cases: particularly decision between toll washing vs building a CHPP onsite
  • Work on the WICET (Wiggins Island Coal terminal) port application : populating the financial model, and then the application, and meeting with WICET owner to discuss application.


Evolution Mining
Evolution Mining, 2011/2012, Sydney
  • Sector: Mining
  • Service: Transaction Support

Evolution Mining (ASX:EVN) was the result of various companies merging (NQM and Catalpa and Conquest), and thus ended up owning five gold mines but also 5 different, non-uniform financial models, created by different people.  Rock Financial Advisory was engaged to complete 7 separate modelling assignments: 

  • (Five models) : We created a standard valuation model template and using historical models transformed them into a new model, for each of the five gold mines: Pajingo, Mt Rawdon, Edna May, Cracow and Mt Carlton.  We also interrogated all assumptions with site staff and operational team (amending if necessary), and created input sheets and sensitivity analysis sheets thus allowing EVN to easily change inputs and run various cases.
  • Created a new company-level valuation model, aggregating the above 5 mines, and with spare room to easily add as many mines as needed.
  • Created a project finance model for a potential debt financing of one of the mines
Serco/Laing O’Rourke/Bombardier Transportation, 2009/2010, Sydney
  • Sector: Transport Infrastructure (rail)/ Facilities Management
  • Service: Transaction Support

Rock Financial Advisory was engaged by Serco plc to create the financial model for their joint bid with Laing O’Rourke and Bombardier, for the operations contract of the Sydney Metro underground rail system.  This required extensive interrogation of data across all elements of the bid

  • Serco providing Facilities Management
  • Laing O’Rourke building Infrastructure (rail and stations), and
  • Bombardier providing rolling stock
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Serco, 2010, Sydney & Perth
  • Sector: Health Infrastructure (hospitals)/ Facilities Management
  • Service: Transaction Support

RFA created the financial model for Serco’s winning bid for the 20 year operations contract of the new Fiona Stanley Hospital, to be built in Murdoch (Perth, Australia).  The model  aggregated inputs over 23 service lines and required detailed interrogation of all data and discussion with all subject-matter experts.  It also required extensive calculations re the revenue mechanism which depended on KPI’s being met as well as abatement regime.

Serco was announced preferred bidder in November 2011, and the global bid team moved from London and Sydney to Perth for 7 months where we finalised the contract with the client (the West Australian Dept of Health), and extensive changes were required to the model as we further refined the inputs, and the calculations in the contract changed.

Resource Generation, 2009, Botswana
  • Sector: Mining
  • Service: Valuation & PF Modelling.

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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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).

Euromoney Training plc and Shinhan Bank Korea, 2009, Hong Kong

Euromoney Training plc sub-contracted RFA to give 4 days training in Hong Kong, 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 (Emma McPherson) and all responded that they would recommend the course to others.