China Nonferrous Metal Industry offers equipment and loan to Philippine Toledo copper mine
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.
Funding agency [Type]
China Nonferrous Metal Mining (Group) Co., Ltd. (CNMC) [State-owned Company]
Energy (Code: 230)
In February 2000, the China Nonferrous Metal Industry, a state-owned company, offered to facilitate the reopening of Toledo copper mine, the Philippines' largest. The proposed agreement included a grant of equipment, and a possible loan from the Bank of China for capital. As payment for the loan, the Atlas Consolidated Mining & Development Corporation would supply copper to China Nonferrous Metal. As of March 2000, a memorandum of understanding (MoU) had been signed for a $2 billion USD copper purchase lasting up to 20 years. Details of the agreement were supposed to be finalized in May of that year, but the deal is likely to have been cancelled according to information available on Atlas Mining's website. The reopening of the Toledo copper mine was eventually funded in 2006 and 2007 by a Singapore-based equity partner, Crescent Asian Special Opportunity Portfolio, and a loan facility from Deutsche Bank AG guaranteed by the Trade and Investment Development Corporation of the Philippines.
Number of official sources
Number of unofficial sources
Cofinancing agencies [Type]
Bank of China (BOC) [State-owned Commercial Bank]
Receiving agencies [Type]
Atlas Consolidated Mining & Development Corporation [Private Sector]
As payment for the loan, the Atlas Consolidated Mining & Development Corporation would supply copper to China Nonferrous Metal.