China Development Bank pledges to finance South African chrome plant expansion (Linked to Project ID#16303)
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Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
South Africa
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
Yes
Category
Project lifecycle
Description
In 2006, South African ferro-chrome producer Samancor Chrome signed finance and production deals with China Development Bank (CDB) and state-owned steel and metals trader Sinosteel. These deals reportedly established a strategic partnership in which CDB would finance future expansions of ferro-chrome production in South Africa. It appears that, under the terms of these deals, Samancor Chrome would expand its chrome production and then export it to China. One sources suggests that the total financial commitment would be be less than $100 million. However, it is not clear that a financial commitment was ever finalized. This project is linked to Project ID#16303, the establishment of a joint venture between Samancor and Sinosteel.
Number of official sources
1
Number of total sources
4
Details
Cofinanced
No
Direct receiving agencies [Type]
Samancor Chrome [Private Sector]
Implementing agencies [Type]
Sinosteel Group Corporation Limited (Sinosteel) [State-owned Company]