Marubeni Corporation announced on Saturday Minera Esperanza in Chile, of which Antofagasta plc controls 70% with 30% share by Marubeni, signed loan agreements about US$ 1.05 billion project finance for the development of Esperanza copper mine on Friday. The total project cost would be about $ 2.3 billion.
The project finance is being provided by the banking syndicate including Japan Bank for International Cooperation, Export Development Canada and KfW IPEX-Bank and the syndicate of private banks comprising Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corporation and 4 overseas banks. Marubeni transfers a part of the project risks to the syndicate. Minera Esperanza plans to produce copper concentrate in Sierra Gorda from the end of 2010. Sierra Gorda district is located in about 160 kilometers north east of the city of Antofagasta. The project has 583 million tonnes of proven and probable copper reserves and expects 714,000 tonnes of annual concentrate production, which is equivalent to 191,000 tonnes of copper, 215,000 ounces of payable gold and 1.132 million ounces for payable silver, in 10 years average of the operation. About 40% of copper concentrate production is stably provided for Japan.Japan Steel Scrap Composite Prices (Sangyo Press)
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