Bank of China (Sydney Branch) provides $350 million revolving credit facility to Minera Las Bambas S.A. for working capital needs

Project narrative

In the first half of 2016, Bank of China (Sydney Branch) provided a $350 million revolving credit facility to Minera Las Bambas S.A. (then MMG South America Management Group) for working capital needs. In 2016, at least $100 million had been drawn down; only $250 million remained undrawn and unused at December 31, 2016. At the end of 2017 and 2018, however, the full $350 million was available. The facility expired in March 2019 and carried an unknown interest rate. It was replaced in August 2019 by one $175 million working capital revolving credit facility from the Industrial and Commercial Bank of China (Luxembourg Branch) and another $175 million working capital revolving credit facility from Bank of China (Sydney Branch), captured in ID#91511 and ID#91509 respectively. Minera Las Bambas is the special purpose vehicle and joint venture responsible for the Las Bambas copper mine. Las Bambas is a world-class copper development project located in Peru, in the provinces of Cotabambas and Grau in the districts of Challhuahuacho, Tambobamba and Coyllurqui, province of Cotabambas, and in the district of Progreso, province of Grau, region of Apurímac, 72 km from Cusco. The Las Bambas Project tenements include approximately 35,000 Ha of land, of which less than 10% has been explored for additional resources. The estimated mine life is over 20 years and further exploration could potentially increase this. The Las Bambas Project is within the Andahuaylas-Yauri copper belt, which hosts the Antapaccay and Constancia copper mines.