Chile’s state miner Codelco has obtained $850 million in banking loans to refinance its debt due 2012, Reuters reports. Codelco had raised $1.15 billion last month by placing a new 10-year bond.
HSBC Holdings, Bank of Tokyo-Mitsubishi UFJ and Export Development Canada, Canada’s export credit agency, have provided $250 million each and Mizuho Bank a $100 million loan. Codelco had announced last month it secured $6.75 billion in a bridge loan from Mitsui & Co. of Japan, which would enable it to exercise an option to buy up to 49 percent in Anglo American Sur, Anglo’s flagship copper firm in Chile.
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