MANAGEMENT

Codelco gets Japanese bank backing

Chile’s state-owned copper company, Codelco, and the Japanese Bank for International Cooperation (JBIC) have signed a Memorandum of Understanding (MoU) to help fund the technology and equipment needed for Codelco’s mining and production growth.

 Codelco and JBIC sign MoU for mining tech innovation and production financing. Photo: Codelco

Codelco and JBIC sign MoU for mining tech innovation and production financing. Photo: Codelco

JBIC operates in 18 countries with 21 offices, promoting economic cooperation between Japan and other nations by providing resources for overseas investments and encouraging international trade.

The agreement was penned in Tokyo during a visit from Máximo Pacheco, the president of the board of directors of Codelco.

The collaboration will also extend to the development of critical minerals, including copper, molybdenum, and lithium, aligning with the shared objective of advancing decarbonisation.

"To carry out its business, Codelco needs many resources, including minerals, water, energy, and, of course, the talent of people, but financial resources are also essential," said Pacheco.

He continued: "Therefore, it is extraordinarily important and valuable that JBIC, a state bank that promotes international cooperation, is interested in contributing to the financing of different innovation, sustainable development, and other projects. In Japan, they understand the importance of critical minerals for the growth of the industrial activity of his country,"

The agreement aims to foster cooperation on critical minerals and cultivate business opportunities with Japanese companies. The partnership also supports Codelco's efforts to decarbonise through hydrogen and ammonia initiatives.

JBIC previously supported the financing of Codelco's Molyb Plant in Mejillones in 2016, which produces molybdenum oxide. The plant's primary clients belong to the Japanese steel industry.

 

 

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