Bank of China contributes to $800 million syndicated revolving credit facility to Minera Las Bambas S.A. to support operational funding requirements (Linked to Project ID#93224, 93225, and 93227)

On October 19, 2020, China Development Bank (CDB), along with the Bank of China (BOC) Sydney Branch, Industrial and Commercial Bank of China (ICBC) Macau Branch, and China Eximbank signed a $800 million syndicated revolving credit facility agreement with Minera Las Bambas S.A. The borrowing terms include a 3-year maturity but all other terms are unknown. The individual contributions of CDB, BOC, ICBC, and China Eximbank are captured via Project ID#93224, 93225, 93226, and 93227. The purpose of the loan is to support operational funding requirements during the COVID-19 pandemic. As of December 31, 2021, the borrower had not made any drawdowns under the facility. MMG Group is a subsidiary of China Minmentals Corporation (CMC), a Chinese state-owned enterprise. Minera Las Bambas S.A. (MLB) 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 syndicated loan is conditional on CMC maintaining majority control over MLB.

Additional details

1. The individual contributions of each participant in the loan syndicate are unknown. For the time being, AidData assumes equal contributions ($200 million) across all four members of the syndicate. 2. It is possible that this loan was also granted in response to the protests against the mine by indigenous groups in July 2020. This issue warrants further investigation.

Number of official sources

4

Number of total sources

13