Active Mixed AidData Chinese Aid

CDB provides $80 million loan to Metorex Group — a copper and cobalt company — for working capital purposes and the development of Kinsenda Mine

$80M USD

Funder	China Development Bank (CDB)
Recipient Organization	Metorex Ltd.
Country	Democratic Republic of the Congo
Start Date	Jun 28, 2013
End Date	Nov 08, 2028
Duration	5,612 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`103340`

Grant Description

CDB provides $80 million loan to Metorex Group — a copper and cobalt company — for working capital purposes and the development of Kinsenda Mine On June 28, 2013, the Metorex Group entered into an $80 million term loan facility agreement with the China Development Bank Corporation.

The primary purpose of the loan facility was to support Metorex Group's working capital requirements, and some unspecified portion of the loan facility would support the capital expenditure for the Kinsenda Project in the Democratic Republic of the Congo.

📋 Loan / Grant Terms

💰 Loan Amountfacility carries an interest rate of LIBOR plus 2

Jinchuan Group Co., Ltd (金川集團股份有限公司) issued a corporate repayment guarantee in support of the loan.

📋 Staff Comments

Metorex (Proprietary) Limited is an indirect wholly-owned subsidiary of Jinchuan Group International Resources Co. Ltd. Metorex (Proprietary) Limited and its subsidiaries are known as the Metorex Group. Metorex Group was acquired by Jinchuan Group Co., Ltd. (“Jinchuan Group”), a state-owned enterprise established in the People’s Republic of China and a substantial shareholder of Jin Rui Mining Investment Limited, through the making of a public takeover offer in July 2011 and the takeover and privatisation was completed on January 16, 2012 upon which Jinchuan Group acquired the entire issued share capital of Metorex. Prior to the acquisition by Jinchuan Group, Metorex Group was listed on the Johannesburg Stock Exchange and the London Stock Exchange since December 1999. Metorex Group was delisted from the London Stock Exchange in March 2009 and delisted from the Johannesburg Stock Exchange in January 2012 as a result of Jinchuan Group’s takeover and privatisation of Metorex Group.
Metorex Group has five mines: the Chibuluma Copper Mine in Zambia, the Ruashi Copper and Cobalt Mine, the Kinsenda Copper Mine, the Musonoi Copper and Cobalt Mine and the Lubembe Copper Mine in the Democratic Republic of the Congo.
Jinchuan Group Co., Ltd, founded in 1958, is a state-owned enterprise with its majority interest held by the People’s Government of Gansu Province. Jinchuan Group specializes in mining, concentrating, metallurgy, chemical engineering and further downstream processing. Jinchuan Group is widely recognized as a renowned mining corporation and is the third largest nickel producer and fourth largest cobalt producer in the world and the third largest copper producer in China. Jinchuan Group ranks no. 369 in “Fortune” Global 500 in 2020.
For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.

📚 Sources & References

Financial Information of the Metorex Group 2009-2010
Substantial Acquisition of Jin Rui by Jinchuan Group International Circular
Metorex Limited Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.