(Ottawa) – 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.
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.
EDC is Canada's leading provider of financing and insurance for small Canadian businesses with sales or business in other countries.
The financing relationship between EDC and Codelco now spans ten 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 CAD 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 Vice-President of International Business Development.
In the next four years, the Chilean company plans on spending approximately USD 23.5B 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 ten 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.
More than half of Canadian companies operating in the region turn to EDC for credit insurance, bonding or financing services.
"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," added Winterhalt.
Canadian companies that are interested in this opportunity, or would like to learn about similar international opportunities, can call 1-888-434-8508.
Chile is a strategic market for Canada, as outlined in the Government's Global Market Action Plan, and is also a market of corporate priority for EDC.
EDC is Canada's export credit agency, providing financing and insurance solutions locally and around the world to help Canadian companies of any size respond to international business opportunities. As a profitable Crown corporation that operates on commercial principles, EDC works together with private- and public- sector financial institutions to create greater capacity for Canadian companies to engage in trade and investment.
For more information about how EDC can help your company, call us at 1-888-434-8508 or visit www.edc.ca.
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Phil Taylor
Export Development Canada
(613) 598-2904
ptaylor@edc.ca
