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Overview

Bank of China provides $175 million revolving credit facility to Minera Las Bambas S.A. for operational funding requirements

Commitments (Constant USD, 2023)$181,647,811
Commitment Year•2019Country of Activity•PeruDirect Recipient Country of Incorporation•PeruOverseas Jurisdiction•AustraliaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 21, 2019
Last repayment (originally scheduled)
Aug 20, 2022

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Minera Las Bambas S.A.C. (Minera Las Bambas)

Implementing agencies

Joint Venture/Special Purpose Vehicles

  • Minera Las Bambas S.A.C. (Minera Las Bambas)

Loan description

Bank of China provides $175 million revolving credit facility to Minera Las Bambas S.A. for operational funding requirements

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On August 21, 2019, Bank of China (BOC) Sydney Branch provided a 3-year USD 175 million revolving credit facility (line of credit) to Minera Las Bambas S.A. exclusively for the operational funding requirements. MMG Group is a subsidiary of China Minmentals Corporation (CMC), a Chinese state-owned enterprise. Minera Las Bambas S.A. is a joint venture between MMG Group, Guoxin International Investment Corp., and Citic Metal Co. Ltd. and special purpose vehicle created to own and operate the Las Bambas Copper Project in Peru. This BOC loan is conditional on CMC maintaining majority control over MLB. ICBC also provided a 3-year USD 175 million revolving credit facility (line of credit) to Minera Las Bambas S.A. in August 2019 (see Record ID#91511). As of December 2021, the facilities were still undrawn.