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Chinese copper smelter halts syndication of US$300M facility

A copper smelter in the eastern Chinese province of Shandong halted syndication of a US$300 million one-year facility just launched to the market two weeks ago, Bloomberg reported Dec. 11, citing sources familiar with the matter.

Dongying Fangyuan Nonferrous Metal Co. Ltd. and unit Dongying Lufang Metals Material Co. launched the pre-financing facility Nov. 28, inviting potential lenders to commit to the loan deal by mid-February 2020, according to the report.

A Dongying Fangyuan representative could not immediately comment to Bloomberg.

Amid a slowdown in the country's economy and ongoing U.S.-China trade tensions, margins of Chinese copper smelters have weakened with a darker outlook for refined metal demand.