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CDB provides $225 million loan for Kinsenda Copper Development Project
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | Kinsenda Copper Company SARL |
| Country | Democratic Republic of the Congo |
| Start Date | May 29, 2014 |
| End Date | Oct 24, 2032 |
| Duration | 6,723 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 30100 |
Grant Description
CDB provides $225 million loan for Kinsenda Copper Development Project On May 29, 2014, China Development Bank (CDB) signed a $225 million loan agreement with Kinsenda Copper Company SARL — a project company in which Jinchuan Group International Resources Co. Ltd has a 77% ownership stake — for the Kinsenda Copper Development Project.
The maturity of the loan is 12-years.
Jinchuan Group Co., Ltd (金川集團股份有限公司) issued a corporate guarantee in support of the loan. The loan's principal amount outstanding was $215,500,000 as of November 10, 2016.
The Kinsenda Copper Development Project is a brownfield project situated in the Katanga Province of the DRC and it ranks as one of the world’s highest grade copper deposits.
The project has good access to infrastructure, with a sealed single-lane road connecting the mine to the regional highway 20 km to the west of the site.
It involves revitalized an existing mine (that was first development in 1980) into an 24,000 tonnes per annum copper concentrate mine. Construction began in 2013 and the project was originally expected to reach completion in 2015.
However, due to unfavorable ground conditions and flooding of underground works, the project was rescheduled to be commissioned in 2017. Kinsenda concentrator completed it trial run in May 2015. Production commenced in 2016 and the first batch of concentrates wasexported in November 2017. Copper concentrate was tne processed into copper blister for sale between 2020 and 2021.
Kinsenda mine concluded new copper concentrate export contracts and resumed the export of copper concentrate in. July 2021.
Staff Comments
- The Chinese project title is 金森達銅礦位.
- The final repayment date of the term loan facility was specified as the the date falling 10-years from the date of the first utilization of such facility. Utilization was expected to take place within 24 months from the date of the signing of the facility agreement.
- Pursuant to the facility agreement, the term loan facility may be cancelled and all the outstanding amounts may become immediately due and payable if 金川集團股份有限公司 (Jinchuan Group Co., Ltd*) (“Jinchuan Group”) (as guarantor) ceases directly or indirectly to own more than 50% of the shares of Kinsenda Copper Company SARL.
- Kinsenda Mine ranks one of the world’s highest grade copper deposits with an average feed grade of 5.6%
Sources & References
- 121 Conference
- Kinsenda 項目實現全面達產達標
- ANNOUNCEMENT PURSUANT TO RULE 13.18 OF THE LISTING RULES
- Annual Report 2014, http://global.factiva.com/aa/?ref=BON0000020120609e8690000u&pp=1&fcpil=en&napc=S&sa_from=
- 金川集团南非梅特瑞斯金森达铜业公司建设发展工作纪实, 1H 2022 Results Presentation
- JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD ANNOUNCEMENT PURSUANT TO RULE 13.18 OF THE LISTING RULES Hong Kong, 5 June 2014
- Metorex loan from CDB Announcement
- Kinsenda Project
- Kinsenda Copper Mine: Haut-Katanga Province
- DRC 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
Kinsenda Copper Company SARL
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