Successful Project Financing Secured for Centinela Copper Mine Expansion in Chile
Marubeni Corporation, in collaboration with UK-based Antofagasta plc, has successfully secured loan agreements totaling $2.5 billion for the expansion project of Minera Centinela, situated in Chile.
The financing agreement, concluded on March 15, involves a consortium of international lenders, including prominent institutions such as the Japan Bank for International Cooperation, Export Development Canada, Export-Import Bank of Korea, KfW IPEX-Bank, Sumitomo Mitsui Banking Corporation, Crédit Agricole, Société Générale, and Natixis.
This landmark agreement aims to expedite the construction process and facilitate the commencement of production under the Expansion Project by 2027.
The expansion of the Centinela Copper Mine is strategically significant, given the rising global demand for copper driven by urbanization, electrification, and the surge in electric vehicles and renewable energy sources.
Upon completion, the Centinela Copper Mine’s annual copper production is expected to increase by approximately 140 thousand tons, positioning it among the world’s leading copper mines by output. Marubeni anticipates a rise in its equity copper output by around 40 thousand tons annually.
The copper concentrate produced by the expansion project will not only contribute to the stable supply of copper but also serve as a valuable raw material for smelters worldwide, including those in Japan, due to its low impurity content. Additionally, the project will enhance the mine’s status as one of Chile’s foremost gold producers.
Addressing Japan’s urgent challenge of securing a stable supply of copper resources, especially copper concentrate, which is essential for copper cathodes production, this expansion project aligns with Marubeni’s “GC2024” mid-term management strategy.
Marubeni views its copper business as a green initiative, emphasizing sustainable practices and the expansion of its copper-related endeavors to meet global demand while ensuring environmental responsibility.
