Caserones – Copper Co-Operation

SCM Minera Lumina Copper Chile achieved the eagerly awaited financial close of the Chile-based Caserones copper mine project in August 2011. The project represents the first mining project in Chile, and the first copper mine globally, in which all of the sponsors, offtakers and supporting financial institutions are based in Japan. The financing is also notable in that it dovetailed the financial backing of three prominent Japanese government financial institutions, which co-operated to provide direct senior loans with extended political risk insurance and subordinated debt guarantees.

Following the signing of the financing documentation, the sponsors of the project, JX Nippon Mining & Metals Corporation , Mitsui Mining and Smelting Co Ltd and Mitsui & Co Ltd, promptly satisfied the conditions to the first drawing of a US$1.1bn senior limited recourse financing and a US$300m subordinated loan financing. The project represents a continuation of the successful forays by