Spain: EIB and Cunext sign €30 million loan for the production of eco-friendly recycled copper in Córdoba

• The investment will finance a plant that will use electrolytic refinement to manufacture high-purity copper cathodes from recycled materials.
• Recycling a strategic material like copper reduces the need for mining, strengthening the circular economy and environmental sustainability.
• The project promotes economic cohesion between regions in the European Union and is backed by the InvestEU programme.

The European Investment Bank (EIB) and the Andalusian company Cunext has signed a €30 million loan to finance the construction of a plant in Córdoba that manufactures copper cathodes - a strategic resource - from copper anodes made of recycled materials.

Based on state-of-the-art electrolysis technology, this manufacturing process can produce high-purity copper from recycled materials, replacing a significant portion of the primary copper (mined from the earth) currently used as a raw material for copper wire and other products.

With this financing agreement, the EIB is promoting the transition to a circular economy, and supporting sustainable copper production and the raw materials value chain critical for EU strategic autonomy. This EIB loan can help meet the high investment needs and match the long investment recovery periods required by such projects. The financing was made possible thanks to backing from the InvestEU programme.

"With this loan, the EIB is supporting the sustainable production of metals that are of strategic importance for the European Union's economy and industrial autonomy, like copper," said Antonio Lorenzo EIB Head of the Corporate Financing Division for Spain. "The investment we are making with Cunext today will incorporate more recycled materials into the metals value chain, promote the circular economy and contribute significantly to the green transition."

Building and running the plant will create jobs and develop industry in a cohesion region, underscoring the EIB's commitment to modern cohesion policy and just transition projects.

The project is in line with the goals of the EU circular economy action plan and will contribute to the Circular Spain 2030 national strategy for a circular economy.

Cunext Group Chairman Dámaso Quintana believes that the signature of this loan shows "decisive and vital support from the EIB for improve the sustainability, in the broadest sense, of our copper business line, while also simplifying the implementation of the project."

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by the Member States. It finances investments that further EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, consisting of the EIB and the European Investment Fund (EIF), reported total financing signatures in Spain of €11.4 billion in 2023, approximately €6.8 billion of which went to climate action and environmental sustainability projects. Overall, the EIB Group signed €88 billion in new financing in 2023.

InvestEU

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable economy. It also helps mobilise additional investment to back EU policy priorities, such as the European Green Deal, the digital transition and supporting small and medium-sized businesses. InvestEU brings together under one roof the multitude of EU financial instruments helping to make funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. This guarantee will increase their risk-bearing capacity of the financial partners and aims to mobilise at least €372 billion in additional investment.

Cunext

Cunext Group has consolidated its leading position in manufacturing efficient copper and aluminium materials for the transmission of energy, data and signals, with applications in the automotive and railway industry, wind farms, industrial engines, electrical appliances, telecoms and construction.

Headquartered in Córdoba, Spain, it has production plants in Córdoba, Vitoria and Zaragoza, as well as Brescia, Italy, and the United States. It has commercial offices in Barcelona and Madrid. It focuses on sustainability, innovation and the development of high value-added products.

Cunext has shown its resilience and adaptability in a challenging global environment, standing out for its use of recycled materials and clean technologies. Its commitment to social responsibility and professional development reinforces its position as a benchmark in the global metals industry.

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