Chinalco obtains 2 bln usd loan to develop Peru's Toromocho copper mine

Chinalco, parent of Aluminum Corp of China Ltd (Chalco), said it received a 2 bln usd loan to develop the Toromocho copper mine in Peru.
The loan was awarded by the China Export & Import Bank, the company said in a statement.

Chinalco earlier announced plans to spend around 2.15 bln usd to develop Toromocho, which contains estimated reserves of about 12 mln tons of copper equivalent.

On May 5, Canada's Peru Copper agreed to transfer the exploration rights to Chinalco.

In August 2007, Chinalco agreed to acquire Peru Copper Inc for 860 mln usd.

Toromocho will have an annual capacity of 200,000 tons when it starts operations, it added.

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