CDB, BoC, and ABC provide $329 million loan to CRCC to acquire Corriente Resources Inc. and gain rights to the Mirador Copper Mine (Linked to Project ID#64616)
Commitment amount
$ 458207161.8769631
Adjusted commitment amount
$ 458207161.88
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Agricultural Bank of China (ABC) [State-owned Commercial Bank]
Recipient
Ecuador
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Unallocable
Infrastructure
No
Category
Project lifecycle
Geography
Description
In 2010, a Chinese bank syndicate (consisting of China Development Bank, Bank of China, and Agricultural Bank of China) provided a $329 million, 2-year loan to CRCC-Tongguan Investment (Canada) Co., Ltd. to acquire approximately 96.9% of Corriente Resources Inc. and thereby gain rights to the Mirador Copper Mine. On May 31, 2010, CRCC Tongguan Investment (Canada) Co., Ltd., acquired 76,478,495 Common Shares of Corriente, representing approximately 96.9% of the Common Shares. The Mirador Copper Mine project was undertaken by China Gezhouba Group Corporation (CGGC) No.2 Engineering Company and it was located in Zamora-Chinchipe Province. The project was initiated on December 21, 2015. It was completed on July 18, 2019. The Mirador copper deposit is located along the valley of the Rio Zamora in Zamora-Chinchipe Province. Its exact locational coordinates are 03°34'N latitude and 78°26'W. The project has created around 3,000 jobs for the area.
Number of official sources
6
Number of total sources
11
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Bank of China (BOC) [State-owned Commercial Bank]
Direct receiving agencies [Type]
CRCC-Tongguan Investment (Canada) Co., Ltd. [State-owned Company]
Implementing agencies [Type]
CRCC-Tongguan Investment (Canada) Co., Ltd. [State-owned Company]
Loan Details
Maturity
2 years