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Chilean state miner Codelco, one of the world’s largest copper producers, said on Tuesday it has obtained $532 million in climate financing authorized by French bank Credit Agricole CIB.
The funds will be used to finance its decarbonization plan, it said, under which it aims to decarbonize 100% of its energy matrix by 2030. Codelco launched the plan in 2018 when it signed a decarbonized supply contract with energy company Engie for its Chuquicamata site, the company added. Codelco, which accounts for about 9% of Chile’s energy consumption, said the funds will go towards achieving its sustainability targets, which includes renewing electricity supply contracts with renewable energy sources.Over 4,500 claimants are now seeking compensation over what they say is historical mismanagement of the massive Panguna copper mine in Papua New Guinea.Freeport McMoran plans $7.
The miner also said it expects to submit an environmental permit application to expand the El Abra mine by the end of 2025.
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