BOC Finance (Ireland) Limited provides $100 million loan to Chambishi Copper Smelter Expansion Project

Project narrative

On October 11, 2010, BOC Finance (Ireland) Limited signed a $100,000,000 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 the Chambishi Copper Smelter Expansion Project. The loan had two tranches: a $98,570,000 fixed asset tranche that carried a 8-year maturity and a $51,430,000 working capital tranche that carried a 3-year maturity. It was backed by repayment guarantees from China Nonferrous Mining Corporation Limited (for 60% of the loan) and Yunnan Copper Group (for 40% of the loan). The loan's (principal) amount outstanding was $80,000,000 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. Construction began in December 2010. In the first quarter of 2024, the Chambishi Copper Smelter cut one-fifth of its production due to power shortages in Zambia.