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CITIC Bank provides $45 million buyer’s credit for CDM Smelter Project
| Funder | China CITIC Bank Corporation Limited |
|---|---|
| Recipient Organization | Congo Dongfang International Mining SAS |
| Country | Democratic Republic of the Congo |
| Start Date | Jun 19, 2020 |
| End Date | Jun 15, 2026 |
| Duration | 2,187 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 102965 |
Grant Description
CITIC Bank provides $45 million buyer’s credit for CDM Smelter Project On June 19, 2020, the the Hangzhou Branch of China CITIC Bank and Congo Dongfang International Mining SAS (CDM) — a special purpose vehicle and wholly-owned subsidiary of Zhejiang Huayou Cobalt Co., Ltd. — signed a $45 million buyer’s credit agreement for the CDM Smelter Project.
It is known that the loan was backed by a Sinosure credit insurance policy.
The borrower was expected to use the proceeds of the loan to support its copper and cobalt smelter and other activities in the city of Lubumbashi.
Staff Comments
- The Chinese project title is 浙江华友卡松坡湿法冶炼项目.
- GENILAND sued CDM for encroachment upon the mining area corresponding to CDM’s Mining Concession No. 527 on its long-term lease concession (land), and claimed compensation for damages of $22.65 million. According to a judgment rendered by the court of Democratic Republic of the Congo (DRC), CDM was to pay damages and penalties totaling $9,935,084 to GENILAND. However, CDM filed an appeal against the judgment
Sources & References
- 刚果民主共和国禁止钴，铜精矿出口！这些矿企还在加注刚果金？
- 提高矿业税，提高矿权转让门槛，加强资金监管，仍挡不住矿企加注刚果金
- Audit Report on Huayou Cobalt
- Financial Statements for the year ended December 31, 2022
- The Dark Side of Congo’s Cobalt Rush
- Zhejiang Huayou's Congo mine still online despite COVID-19 miner death – Reuters
- 支持浙企“海外布局”！中信银行杭州分行信贷创新绩
- Jun CHENG
- 程 军
- 支持浙江企业参与“一带一路”建设 中信银行杭州分行出口信贷创新绩, 2022 Environmental
- Social and Governance (ESG) Report
- Mapping the Cobalt Supply Chain, 2020 Corporate Social Responsibility Report
- Huayou's Development Project of Cobalt
- Lithium and Copper Resources in Africa
- HUMAN RIGHTS ABUSES IN THE DEMOCRATIC REPUBLIC OF THE CONGO POWER THE GLOBAL TRADE IN COBALT
- China's Zhejiang Huayou to invest $147 mln in copper project in DRC 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
Congo Dongfang International Mining SAS
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