In a boost to the UK’s trade with African countries, UK SME Dints International has won a significant mining contract in Ghana with support from UK Export Finance (UKEF), the UK’s export credit agency (ECA).
Dints will provide its innovative managed supply chain solution for one of West Africa’s largest gold producers. This contract will give companies in its UK supply chain access to the project, enabling these suppliers to sell to new markets abroad. The move comes as the UK government looks to promote trade with Africa as part of its drive to get 100,000 new companies exporting through the Exporting is GREAT campaign.
Dints is a specialist equipment supplier for frontier markets in Africa, with customers in the mining, oil and gas, construction and energy sectors across some 18 countries. Through their established supplier network, the company offers customers aggregated procurement services to provide them with a secure, efficient and cost-effective supply chain under its unique ‘vendor managed inventory’ concept.
Core to this offering is Dints’ ability to offer credit terms to their customers. UKEF, Dints’ advisor Gabriel Buck of GKB Ventures LTD (GKB), their legal advisors Sullivan & Worcester and their bank, Investec Bank plc (Investec), have developed a tailor made financing structure to support Dints’ business model, which they hope to replicate for Dints’ other customers.
Rt Hon. Greg Hands MP, Minister of State at the Department for International Trade, welcomed the announcement, saying: “The UK is a centre for excellence in many of the sectors for which the world has greatest demand. I am delighted to see innovative SMEs like Dints winning major contracts in new markets with UKEF’s support. This is a great example of how business and government can work together as a force for good, making sure that the economic benefits of trade are felt throughout the UK supply chain.”
Geoffrey de Mowbray, CEO, Dints, said: “This contract is a major step into a new market for Dints, and UKEF’s ability to provide innovative and flexible guarantee support has been instrumental in helping us win it – we see a strong partnership going forward with UKEF support.”
Louis Taylor, Chief Executive, UK Export Finance, said: “UKEF’s mission is to ensure that no viable UK export fails for want of finance or insurance, and our ambition is to help exporters win contracts, as well as fulfil contracts already won. SMEs like Dints are the backbone of our economy, and we are delighted to have supported this highly entrepreneurial company as it realises its ambitions to grow by selling overseas.”
