CDB provides $225 million loan for Kinsenda Copper Development Project

On May 29, 2014, China Development Bank (CDB) provided a $225 million loan to Kinsenda Copper Company SARL — a project company and subsidiary of Jinchuan Group International Resources Co. Ltd — for the Kinsenda Copper Development Project. The maturity of the loan is 12 years. However, the other borrowing terms of the loan are unknown. The Kinsenda Copper Development Project is a brownfield project situated in the Katanga Province of the DRC and it ranks as one of the world’s highest grade copper deposits. The project has good access to infrastructure, with a sealed single-lane road connecting the mine to the regional highway 20 km to the west of the site. It involves revitalized an existing mine (that was first development in 1980) into an 24,000 tonnes per annum copper concentrate mine. Construction began in 2013 and the project was originally expected to reach completion in 2015. However, due to unfavorable ground conditions and flooding of underground works, the project was rescheduled to be commissioned in 2017. The capital expenditure on the Kinsenda Project for the year ended December 31, 2014 was $192.7 million. These funds were primarily spent on the construction and development of the plant and the mine. The Kinsenda Copper mine completed 107% of the annual plan for net profit after tax, its best operational performance since it was put into operation in 2018.

Additional details

1. The Chinese project title is 金森達銅礦位.

Number of official sources

4

Number of total sources

6