Overview

Bank of China provides $50 million loan to NFC Africa Mining PLC (NFCA) for working capital purposes

Commitments (Constant USD, 2023)$69,365,888

Commitment Year•2009Country of Activity•ZambiaDirect Recipient Country of Incorporation•ZambiaOverseas Jurisdiction•Cayman IslandsSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 5, 2009

Start (actual): Jul 1, 2007

End (actual): Jul 1, 2010

Last repayment (originally scheduled): Oct 4, 2012

Geospatial footprint

Map overview

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NFC Africa Mining PLC (NFCA) is responsible for Chambishi West Mine. More detailed information can be found at https://www.openstreetmap.org/way/251021938#map=16/-12.64795/28.04557

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

NFC Africa Mining PLC (NFCA)

Guarantors

State-owned companies

China Nonferrous Mining Corporation Limited

Loan desecription

Bank of China provides $50 million loan to NFC Africa Mining PLC (NFCA) for working capital purposes

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On October 5, 2009, NFC Africa Mining PLC (NFCA) — a special purpose vehicle and joint venture of China Nonferrous Mining Corporation Limited (中國有色礦業有限公司) [85% equity stake] and Zambia Consolidated Copper Mines Investments Holdings Plc (ZCCM-IH) [15% equity stake] — signed an unsecured, $50 million loan agreement with the Cayman Branch of Bank of China for working capital purposes. The loan carried a 3-year maturity, but its other borrowing terms are unknown. It was backed by a repayment guarantee from China Nonferrous Mining Corporation Limited. The loan's (principal) amount outstanding was $50 million as of April 30, 2012. NFC Africa Mining PLC (NFCA) is responsible for the construction and operation of the Chambishi West Mine. Construction of the Chambishi West Mine began in July 2007. Production at the Chambishi West Mine commenced in July 2010.

Staff comments

1. Zambia Consolidated Copper Mines Investments Holdings Plc (ZCCM-IH) is 17.25% owned by the Government of Zambia, 60.28% owned by Industrial Development Corporation (IDC) Limited (a wholly owned subsidiary of the Government of Zambia), and 15% owned by Zambia's National Pension Scheme Authority (NAPSA).