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Overview

Bank of China provides a $144 million USD loan to Album Resources Private Limited for unspecified purposes in 2010

Commitments (Constant USD, 2023)$185,203,940
Commitment Year•2010Country of Activity•AustraliaDirect Recipient Country of Incorporation•SingaporeOverseas Jurisdiction•SingaporeSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2010
Last repayment (originally scheduled)
Dec 31, 2015

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 Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Album Resources Private Limited

Guarantors

State-owned companies

  • China Minmetals Non-Ferrous Metals Company Limited (CMN)

Loan description

Bank of China provides a $144 million USD loan to Album Resources Private Limited for unspecified purposes in 2010

Interest type•UnknownMaturity•6 years

Narrative

Full Description

Project narrative

In 2010, the Singapore Branch of the Bank of China (BOC) issued a $144.0 million USD cash facility to Album Resources Private Limited — a Singapore-incorporated special purpose vehicle and wholly-owned subsidiary of MMG Limited — for unspecified purposes. This facility carried a maturity period of approximately six years and a maturity date of June 10, 2016. China Minmetals Non-Ferrous Metals Company Limited (CMN), an intermediate holding company of MMG, provided a guarantee for this facility. Under this facility, if CMH ceased to be the parent of MMG, which entitled the borrower to elect to repay all outstanding debt, or, even that election is not made, allowed the lender to declare all outstanding funds due and payable. This facility was fully drawn down. The borrower fully repaid the facility on June 10, 2016 and the expired facility thereafter.

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.