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Copper|Export|flotation|Mining
Copper|Export|flotation|Mining
copper|export|flotation|mining

Antofagasta secures debt financing for Chile expansion

4th April 2019

By: Creamer Media Reporter

     

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The expansion of the Los Pelambres copper mine, in Chile, is fully financed, London-listed Antofagasta announced on Thursday.

The entire $1.3-billion cost of the expansion would be debt financed by Los Pelambres.

The financing consists of two tranches, one of $425-million with a ten-year term from Japan Bank for International Cooperation and the other of $875-million with a seven-year term from a consortium of international banks, including Mizuho Bank, Export Development Canada, Scotiabank, Sumitomo Mitsui Banking Corporation and Bank of China.

Antofagasta said that the second tranche received a so-called green evaluation from S&P Global Ratings, making Los Pelambres the first mining company in the world to receive this evaluation from S&P.

The expansion will increase throughput at the plant from 175 000 t/d to 190 000 t/d and includes an additional semiautogenous grinding mill, ball mill and corresponding flotation circuit with six additional cells.

Copper production will increase from 40 000 t in the first year at the expanded throughput to 70 000 t towards the end of a 15-year period.

Los Pelambres is 60% owned by Antofagasta and 40% by consortiums led by Nippon and Mitsubishi.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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