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Projects

Project Brief

Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.

 

Project name
Compania Minera Antamina S.A.
Project ID
732
Fiscal year
2000
Status
Not Active
Guarantee holder
Mitsubishi Corporation
Investor country
Japan
Host country
Peru
Sector
Mining
Gross exposure
 $39.9 million
Project type
Non-SIP

MIGA issued two guarantees totaling $23.7 million in shareholder loans and $16.2 million in equity coverage to Mitsubishi Corporation of Japan for its investment in the Antamina copper-zinc mine in the Cordillera Blanca range of the Andes (Compania Minera Antamina S.A.)- one of the largest mining projects in Peru. MIGA guaranteed the project's other investors - Rio Algom Limited, Noranda Inc., Teck Corporation, and senior loans by Citibank NA - in fiscal 1999. The insurance covers the investment against the risks of transfer restriction and expropriation.

The development of the mine will significantly improve the infrastructure of the Andean region, as road construction related to the project will link Peru's highlands (home of the Antamina deposit) to a new port, which should foster local commerce and attract future investments. The project will benefit domestic companies through the purchase of local goods and services. The project is expected to employ 6,000 Peruvian nationals during construction and operation. To help families and others in surrounding communities, Compania Minera Antamina S.A. is expected to implement a community development plan that includes support for educational, economic, and cultural activities.

 
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