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Korea Exim News

Korea Eximbank to Provide USD 200 million for Peruvian Copper Mine Project

  • Date2018.08.16
  • View2005

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The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman EUN, Sung-soo, “Korea Eximbank”) announced on August 16 that it would provide USD 200 million in project financing to Peru’s Mina Justa Copper Mine Project to ensure a steady supply of copper, one of the key mineral resources, to a Korean company which signed an off-take agreement pertaining to the project.

 

Starting from 2021 when the mine development is expected to be completed, 30 percent of the total production will be supplied to a Korean firm, LS Nikko Copper Inc. for the following ten years as per an off-take agreement signed by the developer and the off-taker.

 

While copper is an essential mineral resource used in a wide range of industrial applications, its demand is expected to surge with the rise of the Fourth Industrial Revolution and growing investments in building electric power plants and infrastructures in Asian emerging economies. Under such circumstances, mine developers demand off-take financing as a prerequisite for development.

 

A Korea Eximbank official remarked, “With Korea Eximbank’s financial support for this project, Korean firms are expected to secure the stable procurement of copper, which is a strategic natural resource.”  He added, “Korea Eximbank will extend efforts to secure other natural resources for domestic firms as well, which are highly reliant on imports.”

 

Korea Eximbank signed a financial agreement with Minsur, Copec, and other joint financing lenders on August 16. Among the joint financing lenders, Korean and German ECAs extended support for the project, half of which cost is financed by debt, based on the off-take financing agreement for the companies of their countries participating in the project as off-takers.

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