(OTTAWA) – February 4, 2010 – Export Development Canada (EDC) today announced it loaned USD 65 million to Chilean mining company Minera Los Pelambres Ltda. (MLP) to promote the purchase of Canadian goods and services.
“Chile offers a politically-stable and economically-growing market for Canadian exporters and investors,” said Benoit Daignault, Senior Vice-President, Business Development, EDC. “This new EDC loan will help more Canadian companies develop or expand business in the mining sector, which is a key industry for both our countries.”
EDC’s financing is part of several new corporate loan facilities totalling USD 750 million that were provided to MLP between December 2009 and January 2010.
MLP’s copper mine is located 200 km north of Santiago, near two other mines operated by MLP’s majority owner Antofagasta plc, creating additional opportunities for Canadian suppliers serving other projects in the region.
Canada is the largest investor in Chile’s mining sector and the third largest foreign investor in that country. EDC’s financial services to Canadian exporters and investors in Chile have quadrupled in value since 2002, from CAD 300 million to CAD 1.2 billion in 2009, involving some 300 Canadian firms. Since mid-2008, EDC has had a representation in Santiago, Chile, to build business and financial relationships that help facilitate trade for Canadian companies.
MLP, which operates one of the 10 largest copper mines in the world, is 60 per cent owned by London Stock Exchange-listed company Antofagasta plc and the remainder by a consortium of Japanese companies.
EDC is Canada’s export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC’s knowledge and partnerships are used by more than 8,300 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, a recognized leader in financial reporting and economic analysis, and has been recognized as one of Canada’s Top 100 Employers for nine consecutive years.
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Media contact:
Phil Taylor
Export Development Canada
Tel: (613) 598-2904
Blackberry: ptaylor@edc.ca
