- Region: North America
- Energy and Natural Resources
- Environment
- Overseas Investment Loans
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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on February 24 a loan agreement in Canadian dollars with JX Metals Canada Inc. (JXMC), Canadian subsidiary of JX Nippon Mining & Metals Corporation (JXNMM). The loan is co-financed with Mizuho Bank, Ltd. and Sumitomo Mitsui Banking Corporation.
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The loan is intended to finance part of the funds necessary for JXNMM to acquire, through JXMC, shares in eCycle Solutions Inc., the largest recycler of electric and electronic waste*1 in Canada. Acquiring a stake in such waste with this financing, JXNMM is to reuse collected waste as raw materials for smelting.
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Copper is a critical mineral resource for the realization of a decarbonized society, and the demand for copper is expected to grow further. As the demand cannot be fulfilled solely by pristine natural resources from mines of copper and other minerals, it is considered to be essential to recycle resources from such wastes as electric and electronic waste. In the Sixth Strategic Energy Plan approved by the Cabinet Office in October 2021, the Government of Japan promotes making the full use of recycled resources. It also supports, in the Energy White Paper 2022 (FY2021 Annual Report on Energy), recycling and technological development for improving the efficient use of resources from urban mines. Amid the intensifying global competition to acquire recycled resources, the loan will financially support JXNMM in securing and utilizing recycled resources, thereby contributing toward securing a long-term, stable supply of resources to Japan, strengthening resilience of the Japanese company’s supply chains, and realizing a sustainable society.
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As Japan’s policy-based financial institution, JBIC will continue to actively provide financial support for Japanese companies in acquiring critical minerals and for the securing of a stable supply of mineral resources to Japan, by drawing on its various financial facilities and schemes for structuring projects, including local currency loans.
Note
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Electric and electronic waste, also known as e-scrap, is a collective term for discarded household appliances, electronic devices, etc.