Overview

China Eximbank provides $76 million loan for Phase 1 of Ichimpe Copper and Cobalt Mine Project (Linked to Record ID#30154)

Commitments (Constant USD, 2023)$86,373,783

Commitment Year•2011Country of Activity•ZambiaDirect Recipient Country of Incorporation•China (People's Republic of)Sector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Cancelled

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2011

Start (actual): May 18, 2011

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

Private Sector

Zhonghui Mining Group

Implementing agencies

Government Agencies

Government of Zambia

Loan desecription

China Eximbank provides $76 million loan for Phase 1 of Ichimpe Copper and Cobalt Mine Project (Linked to Record ID#30154)

Interest type•Unknown

Narrative

Full Description

Project narrative

In May 2011, privately-held Zhonghui Mining Group invested $690 million USD in the Ichimpe Copper and Cobalt Mine Project (see Record ID#30154). In the same year, China Eximbank reportedly issued a $76 million loan for Phase 1 of the same project. Zambian President Rupiah Banda attended a groundbreaking ceremony for the project on May 18, 2011 and the project was planned to be operational in 2014. Upon completion, the mine was expected to produce 35,000 tons of copper and 2,000 tons of cobalt per annum. However, the project was plagued by accusations of corruption and it appears to have been cancelled.