ANNOUNCEMENT 31 May 2019

On May 31st, 2019, The Japan Bank for International Cooperation (JBIC) announced that it would participate in the project financing of Quebrada Blanca Copper Mine in Chile. 

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

チリ共和国ケブラダ・ブランカ銅鉱山開発事業に対するプロジェクトファイナンス 「Project Financing for Quebrada Blanca Copper Mine Development Project in Chile」
Available at:
https://www.jbic.go.jp/ja/information/press/press-2019/0531-012214.html

Inception date: 31 May 2019 | Removal date: open ended

Financial assistance in foreign market

On May 31st, 2019, The Japan Bank for International Cooperation (JBIC) announced that it would participate in the project financing of Quebrada Blanca Copper Mine in Chile. In order to support the Copper Mine JBIC created a loan for up to 900 million USD to assist in the development of the project. The mine is a project run-by Compañía Minera Teck Quebrada Blanca SA (CMTQB), a partnership of Canadian corporation Teck Resources Limited, Japanese Sumitomo Metal Mining Co., Ltd., Japanese Sumitomo Corporation and Chilean Empresa Nacional de Minería (ENAMI). Due to the international ownership of the mine, an additional 1.6 billion USD worth of loans was provided by the Canadian Export Development Corporation, the German Reconstruction Finance Corporation, the Korea Export-Import Bank, Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Bank, Ltd., Mizuho Bank, Ltd., and the Bank of Montreal. Furthermore, the mine operates as both an extraction site for copper ore and production site for Copper Cathodes. 

Japan hopes that the long-term stable copper supply will make Japan less reliant on Copper imports as stated in the Japanese Cabinet's 2018 Energy Basic Plan. The plans seeks to promote self-sufficiency in base metal including copper at a rate of 80% by 2030. 

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