CHINALCO seeks to take part in Oyu Tolgoi project - Mr Zhao

Bloomberg reported that Aluminum Corporation of China is seeking to participate in the Oyu Tolgoi copper and gold project in Mongolia that’s being developed by Ivanhoe Mines Limited and Rio Tinto Group.

Mr Zhao Zhengang GM of CHINALCO said that “We are seeking to find the best time to participate in the Oyo Tolgoi project. Mongolia is a very important region as it is rich in mineral resources and the region is a good fit with CHINALCO’s plans to develop overseas.”

CHINALCO the largest shareholder in Rio Tinto, has stepped up overseas acquisitions to diversify buying copper assets in Peru and an iron ore project in Guinea via its publicly traded unit. London based Rio says Oyu Tolgoi due to start output in 2013 is the world’s largest untapped copper and gold deposit.

Mr Xiong Weiping president of CHINALCO said recently that company is studying acquisitions of large and quality copper deposits with reserves of as much as 5 million tonnes. The company bought Peru Copper Inc in 2007 to develop the USD 2.2 billion Toromocho project in central Peru.

(Sourced from Bloomberg.net)

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