SOURCE: Export Development Canada

Export Development Canada

November 12, 2014 01:00 ET

Codelco Receives USD 300 M in Financing From Export Development Canada

OTTAWA, ON--(Marketwired - November 12, 2014) - Export Development Canada (EDC) today announced the disbursement of USD 300 M in financing for Chile's state-owned copper production company, Corporación Nacional del Cobre de Chile (Codelco). The loan was signed in June 2014.

The loan will be used to support Codelco's growth over the next four years, which will be achieved mostly through expansion projects at various mines.

"EDC has identified Chile as a market that holds tremendous promise and potential for growth, and we are looking to finance companies, like Codelco, that are making an impact in that market," said Jean Cardyn, EDC's Regional Vice-President in South America.

Codelco is the largest copper producer in the world and one of the largest companies in Chile, producing approximately 11 per cent of the world's copper.

"This financing is an example of how EDC can help Chilean companies grow their business, where there is Canadian supply or the potential to introduce Canadian supply," added Cardyn.

As a mature global financier, EDC brings stability and reliability of capital to international customers like Codelco. With annual business volumes nearing CAD 100 B, EDC has the capital and experience necessary to undertake transactions of any size in support of deals involving Canadian supply or services.

The financing relationship between EDC and Codelco now spans ten years, and has resulted in EDC becoming a strategic financing partner for the Chilean company. Throughout the relationship, EDC has also connected Codelco with a number of leading-edge Canadian companies that have supplied them with mining equipment, technology and services.

"We are a financier but also a business partner," said Cardyn. "We build lasting relationships, can provide strategic trade and market advice, and help companies connect with Canada's wealth of suppliers -- a financier with benefits."

If your company is looking for financing and is interested in doing business with Canada, EDC can personally serve your company from Santiago, Lima, Bogota, Mexico City, Monterrey, Rio de Janeiro, and São Paulo.

About EDC
EDC is Canada's trade finance agency, providing financial services for companies that buy from Canadian companies, directly or through their corporate value chains. EDC's financing can be used for capex and/or project finance requirements, either through bilateral or syndicated corporate facilities. Operating on commercial principles, EDC has a partnership-preferred philosophy to collaborate with private-sector financial institutions to share risk and create greater capacity for Canadian trade transactions. EDC is committed to Corporate Social Responsibility, and it takes into account the environmental and social impacts of its transactions.

For more information about how EDC can help your company, visit www.edc.ca.

Contact Information

  • Spokesperson

    Phil Taylor
    Export Development Canada
    (613) 598-2904
    ptaylor@edc.ca