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Overview

Bank of China provides a $385 million USD loan to MMG Century Limited for unspecified purposes in 2010 (Linked to Record ID#94018)

Commitments (Constant USD, 2023)$495,163,312
Commitment Year•2010Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaOverseas Jurisdiction•AustraliaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2010

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

State-owned companies

  • MMG Century Limited

Guarantors

State-owned companies

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

Loan description

Bank of China provides a $385 million USD loan to MMG Century Limited for unspecified purposes in 2010

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2010, the Sydney Branch of the Bank of China (BOC) provided a $385.0 million USD loan to MMG Century Limited, a wholly-owned subsidiary of Australia-based mining company MMG Limited. China Minmetals Non-ferrous Metals Company Limited (CMN), an intermediate parent of company of MMG Limited, issued a guarantee in support of this loan. Record ID#94031 captures the 2010 loan. Then, on June 13, 2012, the Sydney Branch of the Bank of China (BOC) entered into a $385.0 million USD cash facility agreement with MMG Management Pty Ltd — a special purpose vehicle and wholly-owned subsidiary of MMG Limited. This loan carried a maturity period of five years and a final maturity date of June 10, 2017. The borrower used the proceeds of this loan to extend an intra-group loan to MMG Century Limited to allow it repay a 2010 $385.0 million USD facility granted by the Sydney Branch of BOC to MMG Century. This loan was known as the Tranche B Facility of a wider $751.0 million USD facility. As of December 31, 2012, this facility had been fully drawn down. This facility was repaid on May 3, 2017 and cancelled thereafter. Record ID#94018 captures the 2012 $385.0 million USD loan that repaid the 2010 $385.0 million USD loan.

Staff comments

1. MMG Century Limited is an Australia-incorporated wholly-owned 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.