[Sino-Congolese Programme] China Eximbank provides $2.5 million for the survey and discovery of artisanal mining sites in Kolwezi (Linked to Record ID#450)

Project narrative

In 2008, China Eximbank issued a $3 billion line of credit to Sino–Congolais des Mines (Sicomines SARL) — a joint venture — to finance infrastructure projects in the DRC (see Record ID#450). All borrowings through this line of credit (framework agreement) are repaid with revenues from mining projects managed by Sicomines SARL. Each subsidiary loan issued through the line of credit carries a maturity of 25 years and an interest rate of 6-month LIBOR plus a 1% margin (or 3.839% at the time of the agreement). The infrastructure projects that are supported by this line of credit are collectively referred to as the “Sino-Congolese Programme”. According to the Agence Congolais Des Grandes Traveux 2018 Annual Report, in 2018, preparation was underway for a project worth $2.5 million USD. The project was for the survey and discovery of artisanal mining sites in Kolwezi. As Kolwezi is a hub for copper and cobalt extraction the discovery efforts will likely be seeking deposits of these minerals.