CITIC extends $100 million term loan facility to Ivanhoe to support mine development in South Africa and the Democraitc Republic of the Congo (Linked to Project ID#86965)
Commitment amount
$ 108984974.78786768
Adjusted commitment amount
$ 108984974.79
Constant 2021 USD
Summary
Funding agency [Type]
CITIC Metal [State-owned Company]
Recipient
Africa, regional
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Unallocable
Infrastructure
Yes
Category
Project lifecycle
Description
On August 8, 2018, CITIC Metal Group Limited provided Canadian group Ivanhoe Mines with an interim loan of $100 million USD to support mine development at the Platreef platinum-palladium-nickel-copper-gold discovery on the Northern Limb of South Africa’s Bushveld Complex; mine development and exploration at the tier-one Kamoa-Kakula copper discovery on the Central African Copperbelt in the Democratic Republic of Congo; and upgrading at the historic, high-grade Kipushi zinc-copper-silver-germanium mine, also on the DRC’s Copperbelt. This loan is in accordance with a term loan facility contained in a long-term strategic cooperation and investment agreement signed by CITIC and Ivanhoe on June 11, 2018 (see umbrella project #86965). According to a news release issued on September 19, 2018 from Ivanhoe Mines, the loan term facility investment agreement issued by CITIC was used to repay the entire interim loan amount.
Number of official sources
4
Number of total sources
7
Details
Cofinanced
No
Direct receiving agencies [Type]
Ivanhoe Mines [Private Sector]
Loan Details
Interest rate
6.0%