JBIC, BTMU, SMBC, and Mizuho Bank provide financing for Escondida Copper Mine expansion project
Clients Japan Bank for International Cooperation, The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Jones Day represented Japan Bank for International Cooperation ("JBIC"); The Bank of Tokyo-Mitsubishi UFJ, Ltd., as lender and administrative agent; Sumitomo Mitsui Banking Corporation; and Mizuho Bank, Ltd., as lenders, in connection with a US$500 million syndicated credit facility for Minera Escondida Limitada ("MEL"), a Chilean mining company and operator of the largest copper mine in the world, jointly owned by BHP Billiton Ltd., The Rio Tinto Corporation plc, and JECO Corporation/JECO 2 Ltd. (consortia lead by Mitsubishi Corporation). The credit facility consists of a US$300 million JBIC tranche and a US$200 million commercial bank tranche. The proceeds of the financing will be used for the construction of a new sea water desalination facility, the life extension of an existing concentrator and production of copper concentrate and cathode for export to Japan and elsewhere.