Project ID: 30714

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

Commitment amount

$ 81168708.94

Constant 2017 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 [State-owned Policy Bank]

Recipient

Zambia

Sector

Industry, mining, construction (Code: 320)

Flow type

Loan

Concessional

Vague

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

Estimated.

2011

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. 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 unofficial sources

6

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Details

Cofinanced

No

Receiving agencies [Type]

Zhonghui Mining Group [Private Sector]

Implementing agencies [Type]

Government of Zambia [Government Agency]

Loan type

No Information

Gurarantee provided

No

Insurance provided

No