Skip to content
AidData logo

Overview

China Eximbank provides $200 million loan for La Le Gao Te Iron Ore Project

Commitments (Constant USD, 2023)$227,299,430
Commitment Year•2011Country of Activity•MongoliaDirect Recipient Country of Incorporation•MongoliaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 11, 2011

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

The purpose of the project was to develop Bayangol iron ore deposit in the Yero sum area of the Selenge province. More detailed locational information can be found at: https://www.openstreetmap.org/relation/7302698

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% Chinese ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Mongolia New La Le Gao Te Iron Mining LLC

Loan desecription

China Eximbank provides $200 million loan for La Le Gao Te Iron Ore Project

Interest type•Unknown

Collateral

A mining license (MV-008888), locomotives, and railway cars.

Narrative

Full Description

Project narrative

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.

Staff comments

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.