Chinalco to Start Building Toromocho Copper Mine in Peru

Aluminum Corporation of China (Chinalco), a leading aluminum and alumina producer headquartered in Beijing, is reported to start building the Toromocho copper mine in Peru in early 2010, and the operation start-up is scheduled for the fourth quarter of 2012.

The Chinese company, parent of Aluminum Corporation of China Ltd. (SHSE: 601600; SEHK: 2600; Chalco), intends to pump USD 2.2 billion into the mine, and it is the first investment that Chinalco makes in Peru.

Presently, the Chinese companies who are hungry for raw resources promise to invest about USD 6 billion in the mining industry of Peru, the second largest copper producer worldwide only second to Chile.

Gerald Wolfe, president of the Chinalco Peru Unit, said that they were going ahead as fast as possible. The open-pit mine, with reserves of roughly 2 billion tons, is predicted to turn out about 210,000 tons of copper annually in the first ten years. Its operation is expected to last 30 years in total.

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