How One Mine Got a $1.05 Billion Loan Amid the Global Financial Crisis

With the global economy in free fall, credit markets seized up, the price of commodities tumbling and governments pumping hundreds of billions of dollars into national financial systems, it's not exactly the best time to go in search of project financing. That didn’t stop Antofagasta from obtaining a $1.05 billion loan from a consortium of banks and ECAs to help finance the development of Minera Esperanza, a joint Chilean Japanese copper-mining venture. Consortium lenders include: government-run export credit agencies Japan Bank for International Cooperation, Export Development Canada and Germany’s KfW IPEX-Bank GmbH and commercial banks Mizuho Financial Group, Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corp., Calyon, ING Capital, Santander and Natixis.