Loading grant details…
China Eximbank provides $76 million loan for Phase 1 of Ichimpe Copper and Cobalt Mine Project (Linked to Record ID#30154)
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Zhonghui Mining Group |
| Country | Zambia |
| Start Date | Jan 01, 2011 |
| End Date | Oct 15, 2033 |
| Duration | 8,323 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 30714 |
Grant Description
China Eximbank provides $76 million loan for Phase 1 of Ichimpe Copper and Cobalt Mine Project In May 2011, privately-held Zhonghui Mining Group invested $690 million USD in the Ichimpe Copper and Cobalt Mine Project (see Record ID#30154). In the same year, China Eximbank reportedly issued a $76 million loan for Phase 1 of the same project.
Zambian President Rupiah Banda attended a groundbreaking ceremony for the project on May 18, 2011 and the project was planned to be operational in 2014. Upon completion, the mine was expected to produce 35,000 tons of copper and 2,000 tons of cobalt per annum. However, the project was plagued by accusations of corruption and it appears to have been cancelled.
Sources & References
- Chinese ordered to halt work at 'unlawful' mine
- Zhonghui Mining to produce 3 million tonnes of ore in first stage
- Zambia's Rupiah Banda Tells Foreign Investors To Operate Within The Law
- Strategic Analysis: Chinese Business Activity in Zambia
- Ichimpe lâché par ses investisseurs ?
- MUZ Tells Govt 'Find Another For Ichimpe Mine. The Current Developer Is Nowhere To Be Found' 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
Zhonghui Mining Group
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
