Peru Toromocho Copper Mining Project
Quick facts:
Major business: Copper mining
Estimated future Capex: US$2.15 billion
Estimated reserve of copper metal: 7.3 million tonnes
Estimated planned capacity of copper metal: 250,000 tonnes per annum
In 2007, Chinalco acquired 100% of Peru Copper Inc. (listed in Canada, US and Peru prior to Chinalco's acquisition) for US$860 million. Peru Copper Inc owns the development rights to the Toromocho copper mining project in Peru. Chinalco believes that Toromocho is one of the highest quality undeveloped copper projects in the world, taking into account factors such as its significant reserve, low stripping ratio, long life and infrastructure support. Its estimated reserve of copper is over 7.3 million tonnes and estimated resource is over 12 million tonnes, significantly increasing Chinalco’s copper reserve for future production. Chinalco expects to invest US$2.15 billion in the project to achieve a planned capacity of copper metal of 250,000 tonnes per annum by 2012.
This project represents an important step in Chinalco’s strategic expansion outside China. Chinalco expects to utilise its financial and technical strengths to develop the Toromocho Project.
