MenuClose

  • JP
  • SearchClose
About JBIC
About JBIC

This page introduces information on JBIC's role and organization.

Close

Support Menu
Support Menu

JBIC offers a range of financial products and other services to our clients.

Close

Business Areas
Business Areas

Information about JBIC's activities in each business area and its efforts for environmental conservation.

Close

Public Information
Public Information

Various reports compiled and contributed by JBIC

Close

Sustainability
Sustainability

JBIC's Sustainability Initiatives

Close

Press Releases
Press Releases

Press-release-related web pages.

Close

Investor Relations
Investor Relations

This page introduces information on JBIC's investor relations.

Close

Additional Loans for Quebrada Blanca Phase 2 Project in Chile
Supporting Japan’s Long-term and Stable Securement of Copper Concentrate

  • Region: Latin America and the Caribbean
  • Energy and Natural Resources
  • Overseas Investment Loans
March 30, 2023
  1. The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on March 29 loan agreements with Sumitomo Metal Mining Co., Ltd. (Sumitomo Metal Mining) and Sumitomo Corporation amounting to up to USD375 million and USD75 million, respectively (JBIC portions), to finance expansion of the Quebrada Blanca copper mine. The loan to Sumitomo Metal Mining is co-financed with multiple private financial institutions*1, bringing the total co-financing amount to USD625 million, and the loan to Sumitomo Corporation is co-financed with MUFG Bank, Ltd., bringing the total co-financing amount to USD125 million.
      
  2. The loans are intended to provide the necessary funds for, among other things, improving the hygiene environment of the Quebrada Blanca Phase 2 project in Chile. The project is being undertaken by Compañía Minera Teck Quebrada Blanca S.A. (CMTQB), a Chilean company invested in by Sumitomo Metal Mining, Sumitomo Corporation, Teck Resources Limited (Canada), and Empresa Nacional de Minería (ENAMI of Chile)*2.
      
  3. Copper is used extensively for various products, including power transmission and distribution cables, electric vehicles, renewable energy equipment, and IC chip lead frames. Thus, it is an essential metal for Japanese industries. The global shift to a decarbonized society is accelerating, and the demand for copper is on the steady increase, but at the same time, it continues to be projected to exceed supply, partly due to the growing hindrance of copper mines being developed in increasingly remote areas or high altitudes.
      
  4. Since Japan relies solely on imports for copper concentrates, it is an urgent challenge to secure a long-term, stable supply of copper resources. The Strategic Energy Plan, which was approved by the Cabinet Office in October 2021, set the goal of achieving at least 80% self-sufficiency by 2030 for base metals including copper. The loans will support the additional development of a copper mine in which Japanese companies hold interests and the securing of a long-term, stable supply of copper resources and, as such, is in line with the Japanese government's policies.
      
  5. As Japan's policy-based financial institution, JBIC will continue to actively support Japanese companies' development and procurement of minerals and other natural resources and provide financing to ensure a stable supply of mineral resources to Japan.
      
Note
  1. *1 
    The Iyo Bank, Ltd., the Gunma Bank, Ltd., the Shiga Bank, Ltd., the 77 Bank, Ltd., the Joyo Bank, Ltd., the Nanto Bank, Ltd. the Norinchukin Bank, the Hachijuni Bank, Ltd., the Hyakugo Bank, Ltd., etc.
  2. *2 
    JBIC signed a loan agreement in project financing with CMTQB, the project proponent, on May 30, 2019, and loan agreements with Sumitomo Metal Mining and Sumitomo Corporation on June 11, 2019. For details, see Press Releases on May 31, 2019 , and June 12, 2019 .
 

Search press releases

Fiscal Years
Sectors
Region
Finance Menu