NEW ORLEANS -- Freeport-McMoRan Copper & Gold Inc. said its subsidiary, Rio Tinto Minera SA, has accepted a project financing offer from Barclays Bank PLC.
The $270 million financing will primarily be used for a $215 million expansion program at a copper smelter and refinery complex near Huelva, Spain.
The Barclays-led financing will take the form of an underwritten, syndicated, nonrecourse project loan and working capital facility. Repayments on the project loan will commence after completion of the expansion and will be in equal quarterly installments over nine years.
General syndication will begin in September.
