Project ID: 30714

China Eximbank loans $76 million USD for Phase 1 of Ichimpe Copper and Cobalt Mine Project (Linked to #30154)

Commitment amount

$ 93470893.78193708

Adjusted commitment amount

$ 93470893.78193708

Constant 2021 USD

Not recommended for aggregates

This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.

Summary

Funding agency [Type]

Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]

Recipient

Zambia

Sector

Industry, mining, construction (Code: 320)

Flow type

Loan

Level of public liability

Unallocable

Infrastructure

Yes

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

Vague (Official Finance) (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Cancelled (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2011-01-01

Actual start

2011-05-18

Description

In May 2011, privately-held Zhonghui Mining Group invested $690 million USD in the Ichimpe Copper and Cobalt Mine Project (see project #30154). In the same year, China Eximbank reportedly loaned $76 million USD 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.

Number of official sources

0

Number of total sources

6

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Details

Cofinanced

No

Direct receiving agencies [Type]

Zhonghui Mining Group [Private Sector]

Implementing agencies [Type]

Government of Zambia [Government Agency]

Loan Details

Bilateral loan

Investment project loan