Project: Copper Mining

Africa’s biggest copper reserves are in Zambia, where for the past decade the government has experienced broad gains. The project expects to become Zambia’s single largest mine by output, generating over 1,500 jobs during construction and more than 1,000 once in full operation. The mine aims to produce 150,000 tonnes of copper per year and is already fulfilling its employment promise as it absorbs many laid off workers from other mines impacted by the financial crisis.

Australia’s Export Finance and Insurance Corporation (EFIC) issued a $90 million Political Risk Insurance policy, covering one loan tranche as part of the $863 million project. ATI supported EFIC alongside other public and private sector insurers by providing reinsurance cover, the first partnership between ATI and EFIC. Strengthening partnerships with export credit agencies from outside Africa, such as EFIC, is central to ATI’s strategy to provide a wider range of support for investors in Africa.

Maximum Sum Insured: $5.6 million