China Eximbank provides export seller’s credit for Chambishi Main Mine Reconstruction Project

China Eximbank provides export seller’s credit for Chambishi Main Mine Reconstruction Project In June 1998, CNMC purchased 85% of the equity of the Chambishi Main (Copper) Mine in Zambia through international bidding, and enjoyed the right to use 41 square kilometers of the surface and the right to mine 85 square kilometers underground for 99-years.

Then, in July 2000, China Eximbank signed an export seller’s credit agreement with NFC Africa Mining PLC (NFCA) — a special purpose vehicle and joint venture of CNMC [85% equity stake] and Zambia Consolidated Copper Mines Investments Holdings Plc (ZCCM-IH) [15% equity stake] — for the Chambishi Main Mine Reconstruction Project.

The purpose of the project was to reconstruct the Chambishi Main Mine with a designed capacity of 6,500 tons of ore per day and an annual output of 117,800 tons of copper concentrate.

In July 2000, reconstruction work commenced to resume production in the Chambishi Main Mine (with a total project cost of $157 million). The project was completed and the reconstructed mine was put into production on July 28, 2003.