Antofagasta Minerals and Marubeni Corporation have secured US$650mn for the development of their Antucoya copper mine in Chile.

The finance is being provided by JBIC, Export Development Canada (EDC), KfW Ipex, Mizuho Bank, SMBC, Natixis, ING as well as the Chilean banks CorpBanca and Banco del Estado.

“The deal has been signed and is expected to be completed by the end of the year,” a company spokesperson tells GTR.

JBIC is providing up to US$195mn while EDC and KfW Ipex are providing up to US$650mn.

The importance of copper to Japan has pushed the Japanese ECA to get involved. With increasing demand from emerging markets, it has become a priority for Japan to secure a supply with consistent quality and quantity, it outlines in statement.

The 80,000 tonnes per year of copper cathode, which will be produced from the Antucoya mine starting in 2015, is expected to be sold to manufacturing plants, particularly in Asia.