The Export-Import Bank of Korea has provided US $400m in financing for LS-Nikko to develop the Tarapaca copper mine in Chile.

SMM6, April 4: according to the The Korea Times website, South Korea's state-owned bank, the Export-Import Bank of Korea, (Eximbank), said on Monday that it had decided to provide $400 million in financing to LS-Nikko for the development of the Tarapaca copper mine project in Chile.

In addition to LS-Nikko, Tek Resources (Teck) and Sumitomo Metal Mining (Sumitomo Metal Mining) of Japan are also developing the mine. A consortium from Chile and Germany also invested $4.7 billion in the Tarapaca copper mine.

The bank noted that the second phase of the development of the Tarapaca copper mine is currently under way. With the support of the Export-Import Bank of Korea, LS-Nikko is expected to receive up to 100000 tons of copper from the mine over the next 10 years.

Last year LS-Nikko signed a five-year agreement with Billiton (BHP) to buy 330000 tons of copper concentrate a year from BHP Billiton's Escondida copper mine between 2019 and 2023.

South Korea imports an average of 1.7 million tons of copper a year, according to the Export-Import Bank of Korea.

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