Our Ottawa office led a team of lawyers in assisting the commercial lenders and export credit agencies in providing a US$520m financing and bonding facility to Mantoverde S.A. to finance its US$847m Mantoverde Sulphide Expansion project, located in the Atacama Region of Chile.

The financing includes a 12-year ECA covered US$250m senior secured amortizing project debt facility, a ten-year commercial tranche of US$250m and a US$51.6m senior secured closure bonding facility.

The Mantoverde Sulphide Development project is a copper project in the Atacama region of Chile that involves the building of a copper concentrator and associated facilities to process ore from the sulphide deposit at Mantoverde, in addition to the existing oxide operations producing copper cathode. This project will expand the Company’s current Mantoverde oxide operation that has been operational for the past 25 years. The Mantoverde Sulphide Expansion project will expand the life of the site until at least 2041 and is expected to produce an average of 110,000t of copper and 33,000oz of gold per year from 2023 to 2030. 

Mantoverde is owned by Mitsubishi Materials Corp, and a joint venture between Orion Mine Finance and Audley Capital. The Mantoverde Sulphide Expansion project is expected to turn Mantoverde into a world-class copper mine.

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