China Construction Bank participates in $1 billion syndicated loan for Collahuasi Copper Mine Project (Linked to Record IDs #95344, #95345)

Project narrative

On December 29, 2021, Compania Minera Doña Inés de Collahuasi SCM — a special purpose vehicle and joint venture of Anglo American plc (44% equity stake), Glencore (44% equity stake) and Japan Collahuasi Resources B.V. (12% equity stake) — signed a $1 billion syndicated loan agreement with a group of Chinese and non-Chinese banks for the Collahuasi Copper Mine Project. Members of the syndicate included Bank of China, ICBC, China Construction Bank, Scotiabank, Sumitomo Mitsui Banking Corporation, BBVA, Canadian Imperial Bank of Commerce, Credit Agricole Group, Export Development Canada, ING Group, Societe Generale, MUFG Bank, Sumitomo Mitsui Trust Bank, and Mega International Commercial Bank. Bank of China, ICBC, and China Construction Bank each contributed $71.43 million to the syndicate. The borrowing terms of the loan are unknown. The proceeds of the loan were to be used by the borrower to finance the operations of Collahuasi Copper Mine in Chile, which is the world’s second largest copper mine by reserve and production. The first transfer of $300 million was made on December 29, 2021. A second worth $300 million was made on April 19, 2022. The final transfer of $400 million was completed on December 19, 2022.