Chinalco finds financing in Peru
December 5, 2018 |
Chinese aluminum company gets a two-year, $210m loan for its local mining subsidiary
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The Peruvian division of the Chinese aluminum producer Chinalco has recieved a one-year loan for $210m from three lenders, LatinFinance has confirmed.
Banco de Crédito del Perú, First Abu Dhabi Bank and Natixis were the bookrunners on the deal, while Natixis was also the facility agent, according to a source close to the deal.
Minera Chinalco will put the money towards general corporate purposes.
Chinalco began the expansion of the $1.3bn Toromocho copper project in June, looking to boost copper production by 2020, according to news reports. The mining company bought the copper, molybdenum and silver mining project in the Junín region in 2007 and started production in 2013.
Chinalco signed a two-year, $395m syndicated loan at 165bp over Libor in January, a deal led by Natixis and Standard Chartered.