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Overview

CDB provides a $366 million USD loan to Album Resources Private Limited for unspecified purposes in 2009 (Linked to Record ID#94019)

Commitments (Constant USD, 2023)$507,758,304
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
Jan 1, 2009

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

Guarantors

State-owned companies

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

Loan description

CDB provides a $366 million USD loan to Album Resources Private Limited for unspecified purposes in 2009

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2009, China Development Bank Corporation (CDB) provided a $366.0 million USD facility to Album Resources Private Limited, a special purpose vehicle and wholly-owned subsidiary of 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. Then, on June 13, 2012, CDB entered into a $366.0 million USD cash facility agreement with Album Resources Private 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 refinance the 2009 $366.0 million USD facility granted by CDB to Album Resources. This loan was known as the Tranche A 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#94019 captures the 2012 $366.0 million USD loan that refinanced the 2009 $366.0 million USD loan.

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. 2. 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. 3. 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.