The type of report prepared can vary in level of detail depending on the client's requirements. Reports can range from general overall research based on information available within the public domain (though not necessarily widely disseminated) to more rigorous studies involving detailed cashflow projections, technical-economic appraisals supported by a range of presentational data. Examples are given below:

Base Metal Sector

Terms of Reference: Development of a medium term facility for the Government based on the income it raises through its direct involvement in the sector as well as other related income

Sector: Base metals

Country: Central American Republic

Scope: Preliminary overview prior to committing more resources

Conclusion: Resources and production would support a US$ x00 million medium term facility. Key issues for resolution remain:

• Significant part of the reserves have been neutralized by urban development
• Mining and initial processing requires significant cost cutting
• Concentration and refining appears to be cost competitive with its peers but is not the lowest cost producer
• Significant environmental problems persist
• Effect of past industrial problems remains to be determined Country's economy is improving but remains in poor shape and has had detrimental affects on investment in the sector in the past.
• NAFTA/EU issues could have fall-out effects on exports to established counterparties. Competition from other low cost producers is increasing and steps taken to ensure cost effectiveness remain to be resolved
• Modelling of Sector and Sensitivities prepared. The model agrees well with previous estimates for Government income from the sector and highlights key variables influencing ability to finance debt.

Oil Sector

Terms of Reference: Development of a medium term facility for selected refining company to permit construction of additional treatment facilities permitting increased exports of products to Central and Eastern Europe

Sector: Downstream Oil

Country: Western FSU

Scope: Submissions for inclusion in Information Memorandum as part of syndication of transaction

 Conclusion: Resources and production would support a US$ x0 mln medium term facility. Key issues being incorporated into the structure are:

Debt service occurs prior to repatriation under special decree by FSU Government

Implicit strengths from political associations acted upon: project represents major initiative by a western country

• Special export contract in place simplifying and guaranteeing cashflows to creditors
• Strategy being pursued by FSU Company commensurate with current market position affecting refining companies supplying European markets
• Agency role recommended and accepted as part of ensuring continuity of information flows and demonstration that milestones are being met
• Despite clear need for upgrading, refinery benefits from indigenous low variable cost base enabling it to generate favourable refining margin
• Continuity of crude supply guaranteed in line with financing plan