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Overview

China Eximbank provides export seller’s credit for Chambishi Main Mine Reconstruction Project

Commitments (Constant USD, 2023)$260,512,396
Commitment Year•2000Country of Activity•ZambiaDirect Recipient Country of Incorporation•ZambiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 1, 2000
Start (actual)
Jul 1, 2000
End (actual)
Jul 28, 2003

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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NFC Africa Mining PLC (NFCA) is responsible for Chambishi Main 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 Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • NFC Africa Mining PLC (NFCA)

Loan description

China Eximbank provides export seller’s credit for Chambishi Main Mine Reconstruction Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In June 1998, CNMC purchased 85% of the equity of the Chambishi Main (Copper) Mine in Zambia through international bidding, and enjoyed the right to use 41 square kilometers of the surface and the right to mine 85 square kilometers underground for 99 years. Then, in July 2000, China Eximbank signed an export seller’s credit agreement with NFC Africa Mining PLC (NFCA) — a special purpose vehicle and joint venture of CNMC [85% equity stake] and Zambia Consolidated Copper Mines Investments Holdings Plc (ZCCM-IH) [15% equity stake] — for the Chambishi Main Mine Reconstruction Project. The borrowing terms of the loan are unknown. The purpose of the project was to reconstruct the Chambishi Main Mine with a designed capacity of 6,500 tons of ore per day and an annual output of 117,800 tons of copper concentrate. In July 2000, reconstruction work commenced to resume production in the Chambishi Main Mine (with a total project cost of $157 million). The project was completed and the reconstructed mine was put into production on July 28, 2003.

Staff comments

1. The Chinese project title is 谦比希铜矿复产建设项目 or 赞比亚谦比希铜矿项目. 2. The face value of the export seller’s credit is unknown. For the time being, AidData assumes that it was equal to 70% of the total cost of the project (0.7*$157 million = $109.9 million). This issue warrants further investigation. 3. 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).