China Eximbank, ICBC, and BOC provide $700 million syndicated loan for Phase 2 of Sulawesi Mining Power Station Project in Morowali Industrial Park (Linked to Project ID#61986, #66200, #66216, #69488, #85817)

On May 4, 2015, Guangdong Guangxin Holdings Group Ltd. (Guangxin Group) — a provincial state-owned enterprise in China — signed a $700 million syndicated loan agreement with China Eximbank's Guangdong Provincial Branch, ICBC's Guangdong Provincial Branch, and Bank of China's Guangdong Provincial Branch for Phase 2 of the Sulawesi Mining Power Station Project in Morowali Industrial Park. The loan carries an 8-year maturity and unknown interest rate. The total project cost is 1.028 billion. PT. Indonesia Guang Ching Nickel And Stainless Steel Industry (印尼广青镍业有限公司, or "GCNS") — a joint venture formed between Guangdong Guangxin Holdings Group Ltd. (Guangxin Group), Hanwa (Japanese company), an Indonesian company and a Hong Kong company — was responsible for project implementation, and for securing the remaining $328 million of financing. Guangxin Holdings provided a corporate guarantee covering 50% of the syndicated loan. The purpose of the project was to construct a ferronickel smelter — with eight production lines — and a 2 x 150MW (300MW) coal-fired power plant to support the smelter in Indonesia Morowali Industrial Park (IMIP). The precise locational coordinates of the project site are -2.827384, 122.1552699. The smelter was designed to achieve a 600,000 ton nickel production capacity and feedstock was to be supplied by Bintang Delapan Mineral, a subsidiary of Bintangdelapan. Construction began on May 2, 2014, and began partial production on March 22, 2016. CDB financed Phase 1 of the Sulawesi Mining Power Station Project in Morowali Industrial Park (as captured in Project ID#66200). CDB and Bank of China financed Phase 3 of the Sulawesi Mining Power Station Project in Morowali Industrial Park (as captured in Project ID#66216 and ID#69488). China Eximbank financed Phase 4 of the Sulawesi Mining Power Station Project in Morowali Industrial Park (as captured in #85817).

Additional details

1. The Chinese project title is 二期 350 兆瓦燃煤电厂项目 or 60万吨镍铁及配套2×150MW火力发电项目（青山工业园二期项目). 2. The size of the contributions that China Eximbank, ICBC, and Bank of China respectively made to the syndicated loan are unknown. This issue merits further investigation.

Number of official sources

7

Number of total sources

13