Japan Bank for International Cooperation ( JBIC ) has signed a US$466 million loan agreement with Corporacion Nacional del Cobre de Chile ( Codelco ) to enable Japanese manufacturers to import copper concentrates from the Chilean miner.

The loan is co-financed with a private financial institution, bringing the total amount to US$666 million.

Global demand for copper is growing amid the current trend of decarbonization. The metal is used not only for making electric vehicles and renewable energy facilities and equipment, but also in applications related to artificial intelligence ( AI ) and data centres.

Japan relies solely on imports for copper concentrates, and it is essential for the country to secure a long-term, stable supply of the resource.

Under the Seventh Strategic Energy Plan, approved by the cabinet in February 2025, Japan aims to achieve at least 80% self-sufficiency by 2030 for base metals such as copper to support its digital and green transformation.

Codelco has long-standing business relationships with Japanese companies as a supplier of mineral resources such as copper and lithium.

The company also seeks to expand and diversify opportunities to collaborate with Japanese companies in business areas such as mining development.

Under a memorandum of understanding signed in November 2023, JBIC will further develop its relationship with Codelco to ensure a stable supply of mineral resources for Japan and create investment opportunities for Japanese companies.