Chile's Codelco agrees on $666 million in loans from Japan's JBIC, commercial bank
SANTIAGO, April 1 (Reuters) - Chile's state-run Codelco, the world's largest copper producer, said on Tuesday it agreed on a $466 million loan from the Japan Bank for International Cooperation and an additional $200 million loan co-financed with a commercial bank.
The loan is intended to help supply Japanese manufacturers with a stable supply of copper concentrates, both institutions said.
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"Since Japan relies solely on imports for copper concentrates, it is essential to secure a long-term, stable supply of copper resources," JBIC said in a statement, adding that the metal is needed for electric vehicles, renewable energy facilities as well as artificial intelligence and data centers.
Codelco has also been looking for sources to finance its multi-billion investment plan to overhaul key mines in an effort to counteract a drop in ore grades across its operations. The projects have been delayed and set back by accidents and operational issues.
Copper consumers have been looking to guarantee supply amid increased demand due to EVs and decarbonization efforts as well as potential tariffs by U.S. President Donald Trump.
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The Guardian
40 minutes ago
- The Guardian
US and China ease trade war tensions by agreeing ‘framework' truce in London
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Reuters
an hour ago
- Reuters
Rising Asia temperatures bode well for US LNG export prospects
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Average temperatures in Japan - the second largest LNG importer after China in 2024 - are expected to register around 6% above the long-term average from now through the end of August, data from LSEG shows. South Korea, Taiwan, Hong Kong and several cities in China are forecast to register similar readings. As the northern hemisphere summer coincides with the rainy season across much of Asia, the forecasted hot temperatures are likely to be mixed with high humidity levels. That in turn will likely spur heavy use of air conditioning systems, which can push power demand levels sharply higher during heatwaves and strain regional power grids. Asia's electricity producers are used to the summer climb in electricity demand and adjust output levels accordingly. In 2024, average electricity demand during June, July and August - the hottest months of the year - was around 9% above the monthly average for the year as a whole. 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That suggests that overall U.S. LNG export volumes should remain fairly robust for the near term at least, regardless of where the buyers reside. The opinions expressed here are those of the author, a columnist for Reuters. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, opens new tab and X, opens new tab.
The Independent
2 hours ago
- The Independent
Asia shares climb after China and the US say they have a framework for seeking a trade deal
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