Teck Resources signs $2.5bn Quebrada Blanca project financing
Canada-based Teck Resources has signed a $2.5 billion limited recourse project financing facility to fund the development of the Quebrada Blanca Phase 2 in the Tarapacá Region of northern Chile.
Compania Minera Teck Quebrada Blanca, which holds the QB2 project and will be the borrower under the financing, is indirectly owned 60% by Teck, 25% by Sumitomo Metal Mining Co, 5% by Sumitomo Corporation, and 10% by Empresa Nacional de Mineria.
The loans will be provided directly, or guaranteed, by the Japan Bank for International Cooperation (up to $900 million), Export Development Canada, Export-Import Bank of Korea, German Government for the Untied Loan Guarantee Program, KFW IPEX-Bank, Bank of Montreal, BNP Paribas., ING Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation.
Teck, Sumitomo Metal Mining, and Sumitomo Corporation will guarantee Compañia Minera Teck Quebrada Blanca's obligations under the 12-year facility on a several basis until project construction is complete.
