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Overview

CDB provides a $200 million USD loan to Album Resources Private Limited for unspecified purposes in 2009

Commitments (Constant USD, 2023)$277,463,554
Commitment Year•2009Country of Activity•AustraliaDirect Recipient Country of Incorporation•SingaporeSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 12, 2009
First repayment (originally scheduled)
Jun 12, 2011
Last repayment (originally scheduled)
Jun 10, 2016

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% host country ownershipAt least 25% Chinese ownership

Funding agencies

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Album Resources Private Limited

Collateral providers

Joint Venture/Special Purpose Vehicles

  • Album Investment Private Limited
  • MMG Laos Holdings Limited

Loan description

CDB provides a $200 million USD loan to Album Resources Private Limited for unspecified purposes in 2009

Grace period•2 yearsInterest type•UnknownMaturity•7 years

Collateral

This loan was secured by a share charge of 100% of the shares held in Album Investment Private Limited, a mortgage over 70% of the shares in certain subsidiaries of Album Investment, and a mortgage over 70% of shares of MMG Laos Holdings Limited.

Narrative

Full Description

Project narrative

On June 12, 2009, China Development Bank Corporation (CDB) entered into a $200.0 million USD loan agreement with Album Resources Private Limited — a Singapore-incorporated special purpose vehicle and wholly-owned subsidiary of MMG Limited — for unspecified purposes. This loan carried a maturity period of seven years and a grace period of two years. Pursuant to this facility, China Minmetals Non-ferrous Metals Company Limited (CMN) undertook, among other undertakings, that prior to repayment under the facility, it would remain a controlling shareholder of MMG Limited and certain subsidiaries of the Company — namely, MMG Limited, Album Investment and MMG Century. This loan was secured by (i.e. collateralized against) a share charge of 100% of the shares held in Album Investment Private Limited, a mortgage over 70% of the shares in certain subsidiaries of Album Investment, and a mortgage over 70% of shares of MMG Laos Holdings Limited. As of December 31, 2012, this facility had been fully drawn down. The facility was fully repaid on June 20, 2016.

Staff comments

1. Album Resources Private Limited is a special purpose vehicle that was legally incorporated on April 8, 2009 in Singapore with limited liability. It is a wholly owned subsidiary of MMG Limited. MMG Limited is a mid-tier global resources company. MMG Limited's largest shareholder is Chinese state-owned enterprise China Minmetals with 68%. MMG Limited is headquartered in Melbourne, Australia. It operates and develops copper, zinc and other base metals projects across Australia, the Democratic Republic of the Congo, and Peru. 2. The issue of the recipient of this project record, be it Singapore (the country of incorporation of the SPV) or Australia (the country of incorporation of the SPV's parent), requires addressing upon the arrival of new data architecture.