Bloomberg quoted according to a person familiar with the matter that China Minmetals Corp the nation biggest state owned metals trader hired eight banks to help it borrow at least USD 550 million in a five year term loan.

The person said asking not to be identified as details are private that the club facility may pay a margin of about 120 basis points more than the London interbank offered rate for a so called top level all in payment of about 150 basis points. The all in comprises fee and interest payments.

Mr Wang Jionghui Assistant President said last month Minmetals based in Beijing is exploring for iron ore in Canada, chromium in South Africa and copper in Bolivia. The company spent CNY 1.7 billion last year on exploration.

The eight banks are

1. Australia & New Zealand Banking Group Ltd
2. Bank of Tokyo-Mitsubishi UFJ Ltd
3. Barclays Plc
4. HSBC Holdings Plc
5. JPMorgan Chase & Co
6. Mizuho Financial Group Inc
7. National Australia Bank Ltd
8. United Overseas Bank Ltd

The person said proceeds will be used for general corporate purposes.

(Sourced from Bloomberg)