2023.04.02
On February 27, 2023, the Export-Import Bank of China Sichuan Branch led a bank consortium in extending an overseas investment loan to Asmara Mining Share Company in support of the investment of Sichuan Road & Bridge Co., Ltd. (the “Company”) in the development of the Asmara polymetallic mine in Eritrea. With this investment, the Company enhances international competitiveness and promotes the development of the One Belt, One Road initiative.
Eritrea is located in the northeast of Africa and is an important country along the Belt and Road. The Asmara polymetallic mine development project involves a total investment of over USD 500 million and a syndicated loan of USD 260 million, which is the largest ever joint venture cooperation project between China and Eritrea. It is also the largest overseas investment project led by a state-owned enterprise in Sichuan Province.
JunHe acted as the legal counsel of the bank consortium in this project and assisted the client throughout the project. Legal services included conducting legal due diligence and issuing legal opinions on the Company and the Asmara polymetallic mine, and drafting and reviewing the bank consortium’s loan contract, guarantee contract, FTN account escrow agreement, Eritrea mining right mortgage agreement, share pledge agreement and other financing documents. JunHe assisted in communications with the government authorities in Eritrea and worked closely with the Export-Import Bank of China Sichuan Branch and the counsels in Eritrea. They facilitated the completion of the project, and were recognized and highly praised by the bank consortium members.
The project was led by JunHe partners WANG, Gang (Gavin) and WANG, Jinghua.
