Skip to content
AidData logo

Overview

ICBC provides a $300 million USD revolving credit facility to MMG Finance Limited for general corporate purposes in 2020

Commitments (Constant USD, 2023)$309,520,146
Commitment Year•2020Country of Activity•AustraliaDirect Recipient Country of Incorporation•Hong Kong (China)Overseas Jurisdiction•AustraliaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 21, 2020
Last repayment (originally scheduled)
Dec 21, 2023

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

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • MMG Finance Limited

Guarantors

State-owned companies

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

Loan description

ICBC provides a $300 million USD revolving credit facility to MMG Finance Limited for general corporate purposes in 2020

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On December 21, 2020, the Melbourne Branch of the Industrial and Commercial Bank of China (ICBC) entered into a $300,000,000 USD revolving credit facility (RCF) agreement with MMG Finance Limited — a Hong Kong-incorporated special purpose vehicle and wholly-owned subsidiary of Australia-based MMG Limited — for general corporate purposes. This RCF carried a maturity period of three years and a final maturity date of December 2023. This RCF was unsecured. China Minmetals Non-ferrous Metals Co. Ltd. (CMN), a controlling shareholder of MMG, issued a guarantee in support this loan, pursuant to a guarantee agreement between CMN and ICBC. Under this facility, if MMG Limited ceased to be a subsidiary of CMN or MMG Finance Limited ceased to be a wholly owned subsidiary of MMG, an event of default would occur and ICBC would be entitled to declare all outstanding funds under the facility immediately due and payable.

Staff comments

1. MMG Finance Limited is a Hong Kong-incorporated subsidiary of MMG Limited, 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.