Minsur secures Mina Justa financing

Peruvian tin miner Minsur said it has secured US$900mn in financing for the Mina Justa copper project Ica region in the south of the country.

In a securities filing, Minsur said that its board approved the signing of a completion agreement whereby the company supports the obligations of its subsidiaries Cumbres Andinas and Marcobre, the latter of which is developing the project.

Over a dozen banks will participate in the financing, namely BBVA Banco Continental, Banco Bilbao Vizcaya Argentaria, Niederlassung Deutschland, Banco de Crédito del Perú, Crédit Agricole Corporate and Investment Bank, Export Development Canada, Export Finance and Insurance Corporation, ING, KfW Ipex-Bank, Natixis, SG Americas Securities, Société Générale and The Export Import Bank of Korea.

In April, Minsur raised US$200mn from the sale of a 40% stake in the 100,000t/y project to a unit of Chile's Copec. Minsur holds the other 60%.

Juan Luis Kruger, CEO of Minsur said in a conference call in May that engineering at Mina Justa is on track and most critical equipment purchase orders have been placed, with the project scheduled to start production by late 2020.