A Feat of Financial Engineering

Jul 1, 2003

The Antamina copper and zinc mine in central Peru is one of world's greatest mining discoveries and financing its development required some impressive financial engineering. It took more than two dozen lenders, insurers and export credit agencies to put together a $1.32 billion loan package for the mine's owners - Anglo-Australian BHP Billiton, Canada's Noranda and Teck Cominco and Japan's Mitsubishi Corporation. The deal set a record for greenfield mining project loans worldwide at the time it closed in 1999.

The deal,...

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