trending Market Intelligence /marketintelligence/en/news-insights/trending/P5jYXEc8IkaAj5N_nePwhg2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

MMG extends US$2.26B Las Bambas loan maturity to 11 years

Essential Metals & Mining Insights - August 2020

State of the Market: Mining Q2-2020

Report Outlooks of Lithium and Cobalt

Essential Metals & Mining Insights July 2020

MMG extends US$2.26B Las Bambas loan maturity to 11 years

MMG Ltd. amended a loan agreement related to its 62.5%-owned Las Bambas copper-molybdenum-gold-silver joint venture operation in Peru.

In mid-2014, Top Create Resources Ltd. agreed to provide a four-year term loan of up to US$2.26 billion to cover MMG's share of equity contribution to the joint venture company related to the property. Top Create Resources is an MMG shareholder and a subsidiary of the company's controlling shareholder, China Minmetals Nonferrous Metals Co. Ltd.

MMG said Dec. 29 that the term of the loan was extended to 11 years and that the balance, originally due as one lump sum in July 2018, will now be paid in three tranches, with US$700 million due July 2021, US$700 million due July 2023 and the remainder due July 2025.

The annual interest payments were further postponed, from July 2017 to July 2018, and the existing floating interest rate will switch to a separate all-in fixed rate for each of the repayments, in the range of 3.70% and 4.50% per year, effective July 25, 2018.

MMG also reported that its Topstart Ltd. subsidiary is redeeming all of its convertible redeemable preference shares, originally due in 2038, within 10 days.

In 2013, the company issued 338 million convertible redeemable preference shares in Topstart for US$338 million. Under the deal, Alber Holdings Co. Ltd. acquired the right to receive annual dividends at a rate of 5% for eight years. Topstart notified Alber Holdings of the redemption, which MMG noted simplifies its capital structure and reduces funding costs.