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Overview

CDB provides $125 million loan to Chinalco Peru for Toromocho Project

Commitments (Constant USD, 2023)$130,774,798
Commitment Year•2015Country of Activity•PeruDirect Recipient Country of Incorporation•PeruSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 1, 2015
End (actual)
Dec 1, 2015

Geospatial footprint

Map overview

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The project involves the Toromocho Mine, which is located in Morococha within Yauli Province. More detailed locational information can be found at https://www.openstreetmap.org/way/606130078, https://www.openstreetmap.org/way/606132798, https://www.openstreetmap.org/way/1019772543.

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

  • China Development Bank (CDB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Minera Chinalco Perú S.A.

Loan desecription

CDB provides $125 million loan to Chinalco Peru for Toromocho Project

Interest type•Unknown

Collateral

Trade receivables from several copper concentrate sales agreements

Narrative

Full Description

Project narrative

In August 2015, Minera Chinalco Perú S.A. ('Chinalco Peru') obtained a $125 million banking facility from China Development Bank (CDB) for the general corporate purposes and to support the Toromocho Project, a copper mine owned by Chinalco and located in the Junin Region. In August 2015, November 2015, and December 2015, $30 million, $50 million and $45 million were drawn down, respectively. This facility was secured by (i.e. collateralized against) trade receivables from several copper concentrate sales agreements. As of June 2016, the facility had been fully drawn down and $24.8 million had been repaid.

Staff comments

1. The Chinese project title is 特罗莫克项目.