Loading grant details…
CNMC provides $30 million shareholder loan for Muliashi North Mine and Leach Plant Construction Project
| Funder | China Nonferrous Mining Corporation Limited |
|---|---|
| Recipient Organization | CNMC Luanshya Copper Mines PLC (LCM) |
| Country | Zambia |
| Start Date | Oct 26, 2011 |
| End Date | Sep 20, 2030 |
| Duration | 6,904 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 105863 |
Grant Description
CNMC provides $30 million shareholder loan for Muliashi North Mine and Leach Plant Construction Project On October 26, 2011, China Nonferrous Mining Corporation Limited (中國有色礦業有限公司) signed an unsecured, $30,000,000 shareholder loan agreement with CNMC Luanshya Copper Mines PLC (中色廬安夏 銅業有限公司) — a special purpose vehicle legally incorporated under the laws of Zambia and a joint venture of China Nonferrous Mining Corporation Limited (中國有色礦業有限公司) [80% equity stake] and Zambia Consolidated Copper Mines Investments Holdings Plc (ZCCM-IH) [20% equity stake] — for the Muliashi North Mine and Leach Plant Construction Project.
The loan's (principal) amount outstanding was $30,000,000 as of April 30, 2012.
CNMC Luanshya Copper Mines PLC (CNMC-LCM) was responsible for the construction and operation of the Muliashi Project — an integrated mining and leaching project that consisted of the Muliashi North Mine and the Muliashi Leach Plant. The construction of the Muliashi Project was initiated in 2010, with production commencing in 2012.
Staff Comments
- Zambia Consolidated Copper Mines Investments Holdings Plc (ZCCM-IH) is 17.25% owned by the Government of Zambia, 60.28% owned by Industrial Development Corporation (IDC) Limited (a wholly owned subsidiary of the Government of Zambia), and 15% owned by Zambia's National Pension Scheme Authority (NAPSA).
- CNMC acquired an 85% stake in Luanshya Copper Mines (LCM) in 2009 for $50 million from Enya Holdings BV (Enya) following the suspension of operations at Baluba Centre Mine in the advent of the 2008 Global Financial Crisis. Immediately post-acquisition, CNMC changed the name of the mine to CNMC Luanshya Copper Mines PLC (中色廬安夏 銅業有限公司 or CNMC-LCM), and it initially held an 85% equity stake in CNMC-LCM, and later transferred a 5% equity stake to ZCCM-IH to achieve a 80%:20% shareholding structure per the terms of the acquisition. Therefore, ZCCM-IH currently holds a 20% equity stake while CNMC holds an 80% equity stake.
- 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
- CNMC Luanshya Copper Mines Plc Nonferrous metal mining resources & development related trade and service
- CNMC LUANSHYA COPPER MINES PLC
- Global Offering 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.
All Grantees
CNMC Luanshya Copper Mines PLC (LCM)
Interested in applying for this grant?
Complete our application form to express your interest and we'll guide you through the process.
Apply for This GrantQuick Summary
Related Grants
