Bank of China provides $60 million loan to Chambishi Copper Smelter Limited for working capital purposes

Project narrative

On June 10, 2009, the Cayman Branch of Bank of China signed a $60,000,000 loan agreement with Chambishi Copper Smelter Limited (赞比亚谦比希铜冶炼有限公司 or CCS) — a special purpose vehicle and joint venture of CNMC (60% equity stake) and Yunnan Copper Group (40% equity stake) — for working capital to support the Chambishi Copper Smelter. The loan carried a 3-year maturity. It was backed by a repayment guarantee from China Nonferrous Mining Corporation Limited. The loan's (principal) amount outstanding was $60,000,000 as of April 30, 2012. CCS was responsible for the construction and operation of the Chambishi Copper Smelter. The construction of the smelter began in November 2006 and was completed in December 2008. Commercial production of blister copper commenced in February 2009. Then, in 2010, CCS launched a smelter expansion project. In the first quarter of 2024, the Chambishi Copper Smelter cut one-fifth of its production due to power shortages in Zambia.