Mantoverde S.A.

Mantoverde Copper Mine - Project Acquisition

Borrower (s)
Mantoverde S.A.
Industry
Metals and Mining/Base metals
Area of finance
Project & Infrastructure Finance
Country
Chile

Deal Overview

Project financing for the expansion of a Mantoverde copper mine in Chile.The Mantoverde mine is a 2,770-hectare open pit oxide operation located in the Atacama Region in Northern Chile. The mine has been operating since 1995 and it includes a solvent extraction electrowinning processing plant...

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Project financing for the expansion of a Mantoverde copper mine in Chile.

The Mantoverde mine is a 2,770-hectare open pit oxide operation located in the Atacama Region in Northern Chile. The mine has been operating since 1995 and it includes a solvent extraction electrowinning processing plant designed to produce up to 60,000 tonnes of copper cathode per annum (“tpa”). The existing operation currently produces approximately 45,000 tpa of cathodes, which are transported by truck to the ports of Angamos and Antofagasta. 

The Mantoverde Development Project involves the open pit extraction of sulphide ore, which lies below the existing oxide pits. Sulphide reserves from these deposits will be processed through a new concentrator plant to produce copper concentrates containing gold as by-product. The concentrates will be thickened, filtered, and ultimately transported by truck to a port in the region. 

The project will consist of the expansion of existing (i) oxide pits, (ii) tailing storage facility, (iii) desalination plant, and (iv) ancillary works related to expansion; as well as the construction of a new concentrator plant. 

This is a large scale project, with material impact in job creation, contribution to Chile’s GDP and will help contribute to bridging the global copper supply gap once operational. Additionally, the project was financed by a group of lenders without a traditional completion guarantee provided by the sponsors, which highlights the credit strength of transaction structure and experience of the construction contractor and sponsor group.

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Deal Volume
$ 520m
Sources
Submitted by participant(s)

All Dealmakers

Thibaud Huillet

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Thibault Boulanger

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David TRAIZET

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Tranches


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Projects

Mantoverde Copper Mine

Greenfield
Base metals
Chile
$ 1.03bn