Project ID: 34458

China Nonferrous Metal Industry offers equipment and loan to Philippine Toledo copper mine

Pledged amount

$ 4455202769.0

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]

China Nonferrous Metal Mining (Group) Co., Ltd. (CNMC) [State-owned Company]

Recipient

Philippines

Sector

Energy (Code: 230)

Flow type

Loan

Concessional

Vague

Category

Intent

Commercial (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (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

Pipeline: Pledge (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2000

Description

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

2

Number of unofficial sources

6

Download the dataset

Details

Cofinanced

Yes

Cofinancing agencies [Type]

Bank of China (BOC) [State-owned Commercial Bank]

Receiving agencies [Type]

Atlas Consolidated Mining & Development Corporation [Private Sector]

Loan type

Some Information

Maturity

20 years

Gurarantee provided

No

Insurance provided

No

Collateralized/securitized

Yes

Collateral

As payment for the loan, the Atlas Consolidated Mining & Development Corporation would supply copper to China Nonferrous Metal.