The state-run Export-Import Bank of Korea announced on August 16 that it would provide US$200 million through the project finance (PF) method to a copper mine development project in Peru.
The project involves Peru mining company Mansur, which will develop a copper mine in the Mina Husta area in partnership with Chilean energy company Copec. The mine will start producing copper in 2021.
Korea's LS Nikko Copper will purchase 30% of the total output over the next 10 years.
Mansur, the main operator of the project, demanded long-term purchasing financing to finance the project as a precondition for the purchase of the contract.
In addition to the Export-Import Bank of Korea, Export Insurance Corporation of Germany, the Export-Import Bank of Canada, and the Export-Import Bank of Australia have participated in the project as lenders.