Overview

Top Create Resources Limited provides $1 billion revolving credit facility to MMG Finance Limited

Commitments (Constant USD, 2023)$1,000,000,000

Commitment Year•2023Country of Activity•AustraliaDirect Recipient Country of Incorporation•Hong Kong (China)Overseas Jurisdiction•Hong Kong (China)Sector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 7, 2023

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% host country ownershipAt least 25% Chinese ownership

Funding agencies

State-owned companies

Top Create Resources Ltd

Receiving agencies

Joint Venture/Special Purpose Vehicles

MMG Finance Limited

Loan description

Top Create Resources Limited provides $1 billion revolving credit facility to MMG Finance Limited

Interest type•Variable Interest Rate

Narrative

Full Description

Project narrative

On December 7, 2023, Top Create Resources Limited (lender) — a subsidiary of China Minmetals Non-ferrous Metals Company Limited (which is itself a subsidiary of China Minmetals Corporation, a state-owned enterprise incorporated under the laws of the PRC) — provided a $1 billion revolving credit facility to MMG Finance Limited. MMG Finance Limited is a special purpose vehicle and wholly-owned subsidiary of MMG Limited, a subsidiary of China Minmetals based in Australia. The facility carries an availability of three years from the first drawdown on the loan (final expiration date: December 2026), and an interest rate of SOFR with an unknown margin. By the end of 2024, $570 million drawn had been drawn down.

Staff comments

1. The purpose of the facility is unknown. This issue requires further investigation.