Loan to Corporación Nacional del Cobre de Chile
Contributing toward Securing Stable and Long-Term Supply of Minerals for Japanese Copper Industry

• Region: Latin America and the Caribbean
• Energy and Natural Resources
• Import Loans

1. The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on March 28 a loan agreement amounting to up to USD466 million (JBIC portion) with Corporación Nacional del Cobre de Chile (CODELCO). The loan is co-financed with a private financial institution, bringing the total co-financing amount to USD666 million.
     
2. The loan is intended to provide the funds required for Japanese manufacturers to stably import copper concentrates from CODELCO.
     
3. In the current trend of decarbonization, the global demand for copper is expected to increase. This is because the metal is used not only in electric vehicles and renewable energy facilities and equipment but also in applications related to AI and data centers. Since Japan relies solely on imports for copper concentrates, it is essential to secure a long-term, stable supply of copper resources. The Seventh Strategic Energy Plan, approved by the Cabinet in February 2025, set the goal of achieving at least 80% self-sufficiency by 2030 for base metals, such as copper, which support the development of digital transformation (DX) and green transformation (GX). It also established the policy of securing a stable supply of copper resources. The loan is in line with the Japanese government's policies as it will help enhance the resiliency of the entire supply chain for copper products by securing a long-term, stable supply of copper resources for Japanese companies.
     
4. CODELCO has established favorable and long-standing business relationships with Japanese companies as a world-leading supplier of mineral resources, such as copper and lithium. It is also expected to expand and diversify opportunities to collaborate with Japanese companies in business areas such as mining development. JBIC will further develop its relationship and alliance with CODELCO under the Memorandum of Understanding^*1 it signed in November 2023, and it will strive toward ensuring a stable supply of mineral resources for Japan as well as creating investment opportunities for Japanese companies.
     
5. As Japan’s policy-based financial institution, JBIC will continue to provide financial support to help secure a stable supply of mineral resources for Japan and Japanese companies by drawing on its various financial facilities and schemes for structuring projects and by performing its risk-assuming function.
     

Note

1. *1 
   See press release on November 15, 2023.