ANNOUNCEMENT 06 Nov 2013
On 5 November 2013, the Japan Bank for International Cooperation (JBIC) signed an overseas investment loan agreement with Chilian Minera Antucoya.
NUMBER OF INTERVENTIONS
The Japan Bank for International Cooperation, press release of 6 November 2013, Project Financing for Antucoya Copper Mine in Chile: http://www.jbic.go.jp/en/information/press/press-2013/1106-14551
JBIC information on overseas investment loans: http://www.jbic.go.jp/en/finance/investment
The overseas investment loan agreement between JBIC and Chilean Minera Antucoya has a maximum value of USD 195 million in project financing. The loan finances the Antucoya Copper Mine Development Project in Chile. This project is jointly undertaken by Japanese Marubeni Corporation and British Antofagasta plc. In this context, the Japanese company is expected to take delivery of 30% or 24,000 tonnes annually of copper cathodes produced from this project.
Overseas investment loans
JBIC provides direct loans named overseas investment loans to Japanese companies, overseas affiliates or joint ventures where Japanese companies hold equity interests and governments or financial institutions partying with such overseas affiliates. Loans support projects in specific sectors or with a specific purpose of interest to Japan. Further information can be found on the Bank’s website under overseas investment loans.
Project financing loans include preferential terms such as repayments being solely made from the project’s cash flow generation and secured on the basis of the project's assets alone. As such the loan agreement is tied to the project's finances and not the company in question.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets and from foreign subsidiaries.