COFIDES awarded a 2 million Euro Joint venture loan to Cunext Group to build and get a copper processing plant off the ground in North Carolina, USA.
Under the Fund for Foreign Investment (FIEX), this loan is part of a total investment, undertaken by Cunext Group and a local partner, which exceeds 35 million Euros and which, in its second phase, will reach a total investment of 80 million Euros. The plant will occupy an area of approximately 15,000 m² and will have a production capacity of 45,000 mt/year as well as having a production capacity of 100,000 tons of recovered copper per year.
COFIDES Chairman, José Luis Curbelo, stated that “this project prevents the extraction of new copper ore and, at the same time, allows for the creation of new products that are more efficient in the transmission of energy and data. This is a good example of how Spanish companies, with the necessary support, are able to identify areas where they can add value in economies as strong and competitive as the United States”.
Dámaso Quintana, Cunext Group CEO, added that “This is a strategic growth project for the group and having the support of institutions such as COFIDES is of the utmost importance. Without doubt, it inspires us to continue growing sustainable projects abroad”.
CONTRIBUTION TO THE SDGs
This project contributes to SDG 9 (Industry, innovation and infrastructure) in particular as it fosters the circular economy by reusing copper (raw material) to convert it into anodes (final product). It thus contributes to cutting down on imports and exports of both products, thereby improving the county's environmental contribution, which currently exports more than 900,000 MT of this mineral per year.
ABOUT CUNEXT GROUP
The Cunext Group goes back to the founding of the Sociedad Española de Construcciones Electromecánicas in 1917 and is engaged in the transformation of copper. In 2015, it added aluminum to its product portfolio with a view to enhancing its leading position in manufacturing materials for the transmission of electrical energy and data. Its current products are used in industries such as the automotive, telecommunications, renewable energies, railway infrastructure and construction industries, among others, and it has plants in Cordoba, Vitoria, Zaragoza, Brescia (Italy) and now Shelby (USA). It also has industrial holdings in Arteche, Haizea Wind Group and Esnova.
COFIDES, a State-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).
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