EFIC supports Australian companies through loan to BHP Billiton mine in Chile

SYDNEY - Australia’s export credit agency, the Export Finance and Insurance Corporation (EFIC), is supporting the involvement of Australian service providers and suppliers in increasing production capacity at the Escondida copper mine in Chile, which is majority-owned (and is operated) by BHP Billiton.

EFIC has provided a US$100 million loan to Minera Escondida Limitada (MEL), the owner of the mine, to help finance construction of a new 152,000 ton per day concentrator. The project is part of a range of capital works projects MEL is undertaking to expand processing capacity at Escondida.

EFIC’s loan is tied to supply contracts with around 80 Australian companies, providing services including engineering, mineral equipment, fatigue detection systems, tyre management and research. Apart from BHP Billiton, other shareholders in MEL are Rio Tinto and Japanese consortiums. www.efic.gov.au (ATI).