Codelco secures $300m loan from Export Development Canada

12 November 2014 (Last Updated November 12th, 2014 18:30)

Chile's state-owned copper production company Corporación Nacional del Cobre de Chile (Codelco) has secured a $300m loan from Export Development Canada (EDC).

Chile's state-owned copper production company Corporación Nacional del Cobre de Chile (Codelco) has secured a $300m loan from Export Development Canada (EDC).

Codelco, which produces about 11% of the world's copper, is planning to invest around $23.5bn over the next four years in increasing its production capacity.

Plans include expansion of the company's major mining projects, resulting in more opportunities for Canadian businesses to enter Codelco's supply chain.

"EDC financing for Codelco has helped promote more than C$888m worth of purchases from Canada in the last five years, involving more than 150 suppliers." 

EDC vice-president of international business development Todd Winterhalt said: "EDC financing for Codelco has helped promote more than C$888m worth of purchases from Canada in the last five years, involving more than 150 suppliers of everything from engineering services to environmental technologies.

"For the last ten years, Canada has been the largest investor in Chile's mining sector, and this financing will help maintain Canada's competitive edge in the region."

Codelco develops its operations via six mining divisions and the Ventanas smelter and refinery, which it has owned since May 2005.

The company also has ownership interests in various mining firms such as in Minera Gaby (100%) and El Abra (49%), as well as other mining partnerships in geological operations both in Chile and abroad.

Energy