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Overview

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

Commitment Year•2018Country of Activity•GuineaDirect Recipient Country of Incorporation•China (People's Republic of)Sector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2018

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 Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)

Receiving agencies

State-owned companies

  • China Aluminum International Engineering (Chalieco)

Implementing agencies

Joint Venture/Special Purpose Vehicles

  • Compagnie des Bauxites de Guinée

Private Sector

  • Metalcorp Group BV

State-owned companies

  • China Aluminum International Engineering (Chalieco)

Loan desecription

CCB and ICBC contributions to a syndicated loan to Chalieco for alumina plant in Guinea in 2018

Interest type•Unknown

Narrative

Full Description

Project narrative

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. Record ID#86577 captures CCB's contribution and Record 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.

Staff comments

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.