SACE, the Italian insurance and finacial group fully owned by the Italian Ministry of Economy and Finance, Banco Santander, Commerzbank and Corporación Nacional del Cobre de Chile (“CODELCO”) are finalization of 500 million dollars Push Strategy transaction aimed at supporting strategic partnerships in the mining sector.

SACE has issued a guarantee to cover a 500 million dollars loan provided by Banco Santander and Commerzbank in favour of CODELCO, with a commitment from the company to participate in matchmaking events organized by SACE aimed at involving Italian businesses.

Founded in 1976 and 100% owned by the Chilean government, Codelco is the world’s leading copper producer, a material globally used in the electronics, construction, automotive, and renewable energy sectors, among others. The Chilean company, active throughout the entire supply chain, is involved in a significant investment plan, mainly focused on mining development projects in Chile to extend the life of its operations for another 30 to 50 years.

The financing aims to boost Italian exports in Chile by an average of 4 percent annually over the next three years by increasing CODELCO’s Italian procurement and by fostering strong new business relationships with Italian companies operating in the mining sector.

The Push Strategy is SACE’s program designed to provide Italian companies with a passport to international markets by guaranteeing loans to foreign counterparts that commit to increasing their purchase of goods and services from Italy. The Business Matching events, a core part of the strategy and organized by SACE in cooperation with leading Italian financial institutions and manufacturers’ associations, facilitate targeted meetings between Italian and international companies to develop new collaborations and expand export opportunities.