CMP and Japan Bank for International Cooperation Sign Memorandum of Understanding to Strengthen Cooperation in the Field of Carbon Neutral Growth

The memorandum of understanding (MoU) between Chile's largest iron ore supplier, Compañía Minera del Pacífico (CMP) and the Japan Bank for International Cooperation (JBIC) will strengthen their relationship and promote the structuring of projects to increase the resilience of high-quality iron ore supply chains, which contribute to the transition to carbon neutrality in steel production processes.

A major memorandum of understanding was signed between the Japan Bank for International Cooperation (JBIC) and the Pacific Mining Company (CMP) to strengthen the resilience of high-quality iron ore supply chains and thereby contribute to the reduction of carbon emissions in global steel production.

Compañía Minera del Pacífico currently has 9 sites distributed between the Atacama and Coquimbo regions of Chile, including mines, plants and ports. It is the main producer of high-quality iron ore on the Pacific coast and in 2023 it reached an all-time production record with 17.3 million tons and shipments of 17.0 million tons.

Current customers have valued CMP's progress in terms of decarbonization and improvements to its processes for the quality of its different products in the long term. The company's strategy also includes the development of projects linking its structural projects to enable new phases of growth and development of mining districts, as well as the objective of strengthening cooperation with customers, including Japanese steel companies.

JBIC is headquartered in Tokyo and operates in 17 countries with 18 offices. One of the main objectives of the institution is to promote the energy transformation, rebuild and strengthen the resilience of international supply chains.

"This memorandum opens up new opportunities for CMP, which will allow us to continue with our growth strategy, enhancing the value of the territory, as a world-class iron company, which contributes to decarbonization, hand in hand with local workers and suppliers," said Francisco Carvajal, General Manager of the Company.