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Antofagasta completes financing of Los Pelambres expansion project

Published by , Assistant Editor
Global Mining Review,

On 4 April, Antofagasta plc’s subsidiary Antofagasta Minerals SA announced the completion of the financing of the Los Pelambres expansion project with the full US$1.3 billion project cost being debt financed by Los Pelambres.

Ivan Arriagada, CEO of Antofagasta plc, commented: “I am pleased the expansion of Los Pelambres has been financed on favourable terms with the support of a strong group of lenders. This demonstrates the significant financing capacity of the Group and will enhance the already strong returns of the project”.

The debt financing consists of two tranches, one of US$425 million with a 10 year term from Japan Bank for International Cooperation (JBIC) and the other of US$875 million with 7 year term from a consortium of international banks (Mizuho Bank, Export Development Canada, Scotiabank, Sumitomo Mitsui Banking Corporation (SMBC) and Bank of China). The second tranche received a Green Evaluation from S&P Global Ratings making Los Pelambres the first mining company in the world to receive this evaluation from S&P.

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