Teck Resources Limited, a Canadian metals and mining company, announced on May 30 that it had entered into a $2.5 billion limited recourse project financing facility. The borrower, Teck subsidiary Compañía Minera Teck Quebrada Blanca S.A, will use the financing to fund the development of its Quebrada Blanca Phase 2 project.
Multi-source financing is being provided directly, or guaranteed, by several export credit agencies, including the Japan Bank for International Cooperation, Export Development Canada, Export-Import Bank of Korea, KFW IPEX-Bank GMBH, and nine commercial banks.
Corporate partners
Christopher Mann and
Werner Federico Ahlers led the S&C team advising on the deal, which is among the largest-ever project finance loans for a mine in Latin America. The Quebrada Blanca Phase 2 Project, located in northern Chile, is the largest-ever mining project in Latin America and the third-largest worldwide in terms of total capital expenditure. When complete, it will be a premier asset, with low operating costs and an initial mine life of 28 years. First copper production at the project is planned for the second half of 2021.