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KfW IPEX-Bank finances Quebrada Blanca 2 open pit copper mine in Chile

News from 2019-06-03 / KfW IPEX-Bank

KfW IPEX-Bank is participating in the financing of the Quebrada Blanca 2 open pit copper mine project in Chile. The unescalated capital cost for development of the project is estimated at USD 4.739 billion as of January 1, 2019. The senior debt financing for the project is totalling USD 2.5 billion. KfW IPEX-Bank, as UFK Agent, arranged a USD 300 million tranche which is covered by the German Government's untied loan guarantee scheme (UFK) and is providing approximately USD 155 million under the UFK Tranche. The further senior debt tranches will be provided by a group of other ECAs and international banks.

A long-term off-take agreement for the delivery of copper concentrates has been signed with Germany's Aurubis AG, one of the world's largest producers of copper and global leader in copper recycling. Once completed the project will be one of the 20 largest copper mines in the world.

Global demand for copper is steadily increasing. It is in high demand in the emerging electric vehicle market especially due to its conductivity. Copper is also required in the renewable energies sector to ensure successful usage over the long term.

In providing this project financing, KfW IPEX-Bank is supporting projects that help safeguard raw material imports to Germany and Europe and secure the future viability of the German and European industry.

The project operator is Vancouver-based mining company Teck Resources Limited and the co-sponsors are Japan's Sumitomo Metal Mining Co., Ltd. and Sumitomo Corporation. Chile’s ENAMI has a 10% non-funding interest in the project.



Philipp Kielbassa


+49 69 74 31-6431


+49 69 74 31-8536


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