Rio Tinto Group is said to have invited bankers to Mongolia to help it raise as much as $4 billion of debt for the Oyu-Tolgoi copper-gold site, the country’s biggest-ever mine.
Rio Tinto is seeking to raise as much as $2 billion from commercial banks, with the remainder provided by export credit agencies and international development funds.
BNP Paribas and Standard Chartered Bank were selected by Turquoise Hill predecessor Ivanhoe Mines alongside the European Bank for Reconstruction and Development, the World Bank’s International Finance Corp. and Export Development Canada, to arrange the financing. They have been joined by Export-Import Bank of the United States, Australia’s Export Finance & Insurance Corp. and the World Bank’s Multilateral Investment Guarantee Agency, according to the IFC’s website. The IFC is considering a loan contribution of about $800 million, including a syndicated portion, according to its website.
See http://english.news.mn/content/130487.shtml.