ICBC contributes to a syndicated loan to Chalieco for alumina plant in Guinea (Linked to Project ID#86577)

In 2018, China Aluminum International Engineering (Chalieco), a subsidiary of Aluminum Corporation of China Limited (Chinalco), reportedly secured a bank loan from a Chinese bank consortium led by China Construction Bank Corporation (CCB) and Industrial and Commercial Bank of China (ICBC) to finance for a $800 million alumina plant. Project ID#86577 captures CCB's contribution and Project ID#98824 captures ICBC's contribution. The loan proceeds were earmarked for the construction of an aluminum plant to procure Gestra, SINER equipment, and other required equipment. The project was designed to produce 1.6 million tons per annum of alumina and is being developed by Compagnie des Bauxites de Guinee (CBG) and Metalcorp Group BV. Chalieco was the engineering, procurement, and construction (EPC) contractor responsible for project implementation. Guiyang Aluminum Magnesium Design and Research Institute Co Ltd, another Chinalco subsidiary, conducted the project feasibility study in February 2017. Construction was originally expected to last for two years and reach completion by end-2019.

Additional details

1. The face value and borrowing terms of the loan are unknown. This issue warrants further investigation. 2. It is unclear if CCB and ICBC were the only members of the lending syndicate. This issue warrants further investigation.

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Number of total sources

2