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Citi provides $300m financing for Vietnam bauxite, alumina project
November 19, 2012 - 11:30 GMT
The Vietnam National Coal and Mineral Industries Holding Corp (Vinacomin) has agreed to a $300 million loan from investment bank Citi to finance the construction of a bauxite mine and an alumina refinery in the Central Highlands province of Lam Dong, Vinacomin announced late last week.
The Vietnamese ministry of finance has guaranteed the 13-year
loan, which was insured by Nippon Export and Investment
"Under the terms of the agreement, Citi is the sole NEXI
co-ordinator and the Joint Lead Arranger together with Mizuho
Corporate Bank, Sumitomo Mitsui Trust Bank, and the Bank of
Tokyo-Mitsubishi UFJ," Vinacomin said.
It is the first joint bauxite and alumina project ever
undertaken in Vietnam
"The $300 million loan agreement is the largest agreement ever
for Vinacomin. This financing is particularly meaningful as it
will be used to finance Vinacomin’s Lam Dong
bauxite/alumina complex project, an important national
development with direction and support from the Government," Le
Minh Chuan, president and ceo of Vinacomin, said. "The loan
will have a significant impact on the success and effectiveness
of the project."
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