OTTAWA – Export Development Canada (EDC) today announced the disbursement of US$300 million in financing for Chile’s state-owned copper production company, Corporación Nacional del Cobre de Chile (Codelco). The loan was signed in June 2014. Codelco is the largest copper producer in the world and one of the largest companies in Chile, producing approximately 11% of the world’s copper.
The financing relationship between EDC and Codelco now spans 10 years. That relationship has allowed EDC to identify opportunities to introduce qualified, leading edge Canadian companies into their supply chains that can help Codelco achieve their goals and grow their business.
“EDC financing for Codelco has helped promote more than C$888 million worth of purchases from Canada in the last five years, involving more than 150 suppliers of everything from engineering services to environmental technologies,” said Todd Winterhalt, EDC’s VP of international business development.
In the next four years, the Chilean company plans on spending approximately US$23.5 billion to increase its production capacity, mostly by expanding its major mining projects. The result of this expansion will be increased opportunities for Canadian businesses to enter Codelco’s supply chain, as well as opportunities for companies already exporting to Chile to grow their business.
“For the last 10 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,” said Winterhalt.
“Codelco’s Canadian purchases are currently focused on Canadian mining equipment, technology and services. If your company is in the mining business and could benefit from this opportunity, we’d love to hear from you, we’re here to help,” he added.
For more information about how EDC can help your company, visit EDC.gc.ca.
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