Mina Justa Copper Project Secures $900 Million in Project Financing

August 15, 2018

S&C represents Marcobre S.A.C. (the Borrower) and the Project on the $900 million project financing for the development of the $1.77 billion Mina Justa copper project. The multisource financing is made up of financing from 16 lenders, including commercial banks and the export credit agencies, EDC, EFIC, KEXIM and KfW. The mine is expected to be operational by 2020, with a target production rate of 100,000 tons of copper. The transaction is the first greenfield mine project financing to sign in Latin America in 2018.  

Marcobre's owners, the Sponsors of the Project, previously announced the sale of a 40 percent stake in Cumbres Andinas S.A.C., Minsur S.A.'s subsidiary that owns Marcobre and the Mina Justa copper project, to Alxar Internacional SpA, a subsidiary of Empresas Copec S.A., in a transaction valued at $200 million, completed May 31.

The S&C team was led by Sergio Galvis, along with John Anselmi, Benjamin Kent and Jason Schnier. Eric Wang and Slki Hong advised on tax matters.