À̹ÌÁö È®´ë South Korea¡¯s state-run export credit provider Export-Import Bank of Korea (Korea Eximbank) agreed on Friday to finance $200 million in Peru¡¯s Mina Justa copper mine project to help ensure a steady supply of the key mineral for Korean companies.
The Mina Justa copper project is run by Minsur, the mining arm of Peru¡¯s largest conglomerate Breca, and Chile¡¯s largest refining company Copec.
Also involved in the project is LS-Nikko Copper Inc., a South Korean-Japanese consortium, which signed a deal to purchase 30 percent of the copper output over the next 10 years once it begins production in 2021. LS-Nikko Copper, an affiliate of Korean conglomerate LS Group, is the only copper smelting company in Korea.
The $1.6 billion project is half financed by a group of banks including Korea, Germany, Australia and Canada.
Demand for copper is expected to surge as it is an essential mineral resource used in a range of applications, from construction to power generation to electric vehicles.
¡°We agreed to provide the financing for Peru¡¯s copper project to secure a steady supply of this critical mineral,¡± said a Korea Eximbank official. ¡°This is part of our plans to strengthen our hold on six key mineral resources, which are 90 percent dependent on imports.¡±
By Lee Seung-yoon and Kim Hyo-jin
[¨Ï Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]