ICBC provides #175 million revolving credit facility to Minera Las Bambas S.A. for operational funding requirements
Commitment amount
$ 196623807.14587438
Adjusted commitment amount
$ 196623807.15
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Peru
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
On August 21, 2019, the Industrial and Commercial Bank of China (ICBC) Luxembourg 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. BOC also provided a 3-year USD 175 million revolving credit facility (line of credit) to Minera Las Bambas S.A. in August 2019 (see Project ID #91509). As of December 2021, the facilities were still undrawn.
Number of official sources
3
Number of total sources
3
Details
Cofinanced
No
Direct receiving agencies [Type]
Minera Las Bambas S.A.C. (Minera Las Bambas) [Joint Venture/Special Purpose Vehicle]
Implementing agencies [Type]
Minera Las Bambas S.A.C. (Minera Las Bambas) [Joint Venture/Special Purpose Vehicle]
Loan Details
Maturity
3 years