Santiago, Chile – April 1, 2025 – Codelco, Chile’s state-owned copper producer, has secured a crucial financing agreement with the Japan Bank for International Cooperation (JBIC) to reinforce the global copper supply chain. The deal includes a $466 million loan from JBIC, complemented by an additional $200 million co-financed by a commercial bank.
Strategic Alliance for Copper and Energy Transition
JBIC, a Japanese government financial institution, aims to ensure a stable supply of copper concentrates to Japan, a key resource for various industries. JBIC Governor Hayashi Nobumitsu highlighted that this loan strengthens the partnership between Codelco and Japan, supporting long-term supply resilience for Japanese companies. He also noted that this transaction is a first step toward deeper collaboration, including potential Japanese investments in lithium and decarbonization projects.
Codelco’s Perspective on the Deal
Codelco’s Chairman Máximo Pacheco emphasized the strategic importance of this financing, which aligns with Codelco’s growth strategy and its role in the global energy transition. “This funding supports our development and strengthens our commitment to providing critical minerals essential for a sustainable future,” Pacheco stated.
He also recalled Codelco’s long-standing collaboration with JBIC, which was reinforced in November 2023 when both parties signed a Memorandum of Understanding (MoU) to deepen their partnership in mining development, innovation, and resource security.
A Long-Standing Partnership
JBIC has previously supported Codelco, including a 2012 financing agreement for the Molyb plant in Mejillones, which produces molybdenum oxide for the Japanese steel industry.
This new loan agreement represents a major step toward securing Japan’s copper supply, a critical resource for its technological transformation and decarbonization goals. JBIC remains committed to ESG principles, aiming to reduce emissions while supporting its institutional clients in sustainable initiatives.
By reinforcing its strategic position as a key supplier of copper, lithium, and molybdenum, Codelco reaffirms its role as a crucial partner for global industries adapting to energy transition challenges.
Source: CODELCO