China Eximbank provides $200 million loan for La Le Gao Te Iron Ore Project
Commitment amount
$ 245976036.26825547
Adjusted commitment amount
$ 245976036.27
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Mongolia
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Geography
Description
On October 11, 2011, China Eximbank and Mongolia New La Le Gao Te Iron Mining LLC — a special purpose vehicle that was legally incorporated in Mongolia — signed a $200 million, long-term loan agreement for the La Le Gao Te Iron Ore Project in Mongolia. On the same day, a collateral pledge agreement was signed and Ilo River Company (伊罗河公司成) pledged the following sources of collateral: a mining license (MV-008888), locomotives, and railway cars. The purpose of the project was to develop Bayangol iron ore deposit in the Yero sum area of the Selenge province.
Additional details
1. The Chinese project title is 蒙古国拉勒高特铁矿项目. 2. Mongolia New La Le GaoTe Iron Mining Company Limited reported total assets of CNY 1.19 billion, revenues of CNY 876.83 million, total liabilities of CNY 1.91 billion, net liabilities of CNY 717.93 million and net loss of CNY 351.72 million in 2014.
Number of official sources
5
Number of total sources
9
Details
Cofinanced
No
Direct receiving agencies [Type]
Mongolia New La Le Gao Te Iron Mining LLC — a special purpose vehicle that was legally incorporated in Mongolia [Joint Venture/Special Purpose Vehicle]
Collateral
A mining license (MV-008888), locomotives, and railway cars.