China Merchants Bank provides $120 million loan for Luilu Copper and Cobalt Tailings Facility Project

Project narrative

In 2020, China Merchants Bank and Hong Kong Excellen Mining Investment Luilu Resource Co., Limited — a wholly-owned subsidiary of Shanghai Putailai New Energy Technology Co., Ltd. — signed a $120 million loan agreement for the Luilu Copper and Cobalt Tailings Facility Project. The borrowing terms of the loan are unknown. However, it is known that the purpose of the project was to construct a copper and cobalt tailings facility in the town of Luilu and the county of Mutshatsha. CINF Engineering Corporation Limited – a state-owned company and wholly-owned subsidiary of China Aluminum International Engineering Co., Ltd (CHALIECO) – is the contractor responsible for project design. It signed a project design contract with Hong Kong Excellen Mining Investment Luilu Resource Co., Limited on March 15, 2020. The project was originally scheduled to reach completion and be put into operation in March 2021. However, the project’s precise commencement and completion dates are unknown.