CNMC provides $120 million loan to refinance 2012 loan from ICBC (Macau) (Linked to Project ID#54361, #70174, #70220, #70319, #70354, #70367, #70407, #70430)

On May 24, 2012, China Nonferrous Metals International Mining Co. Ltd (CNMIM) provided a secured loan facility on commercial terms to Kryso Resources PLC — the mineral exploration and development company developing the Pakrut Gold Project — for $10 million and RMB 530 million to finance the development of the Pakrut Gold Project (see linked Project ID#70174 and #70319). Then, on June 19, 2014, Industrial and Commercial Bank of China (Macau) Limited provided a $120 million term loan facility to China Nonferrous Mining Group for the Pakrut Gold Project (see linked Project ID#70220). Then, on May 6, 2016, China Nonferrous Mining Group obtained a $120 million from CNMC International Capitals Company Limited (“CNMC”)— an associate of China Nonferrous Metals International Mining Co. Ltd (CNMIM) — refinancing the loan facility that it contracted with ICBC on June 19, 2014 for the Pakrut Gold Project. This loan from CNMC was repayable on December 31, 2018 and included an annual fixed interest rate of 4% on the amount drawn down, payable in arrears. LLC Pakrut, a mine that is 100% owned by Kryso Resources Ltd, was first established in 2003 and it operates the Pakrut deposit located on the southern slope of the Gissar range, 107 km from the city of Dushanbe. The geological exploration at Pakrut deposit started in 2004. The pre-gold reserves at the deposit, approved by the State Reserves Committee (CRC) of the Republic of Tajikistan, were 28.1 tons. The reserves of Pakrut gold mine are currently estimated to be 100 tons. In November 2011, the Government of the Republic of Tajikistan issued a mining licence to LLC Pakrut. Construction started in September 2012. The project went into production on June 5, 2016. In February 2017, high levels of snowfall caused significant damage to the facilities and equipment, and interrupted the construction, which was restarted in the second half of 2017. All construction work was expected to be completed in the fourth quarter of 2018 and production was expected to be recommenced in April 2018.

Additional details

The Chinese project title is "塔吉克斯坦帕克鲁特金矿." As this is a loan refinancing, the transaction value of the loan is not recorded to prevent overcounting.

Number of official sources

15

Number of total sources

20