USEUROPEAFRICAASIA 中文双语Français
Business
Home / Business / Companies

Chinese company to invest $1.3b in Peru's copper mine

Xinhua | Updated: 2018-06-04 15:44
Headquarters building of Aluminum Corporation of China, in Beijing, on Nov 22, 2014. [Photo/IC]

LIMA - The Aluminum Corporation of China (Chinalco) on Friday announced plans to invest $1.3 billion to expand its operations at Peru's Toromocho copper mine.

The decision aims to boost the company's capacity to produce and process fine copper, Chinalco's CEO Ge Hongling said during a meeting with Peruvian President Martin Vizcarra at the presidential headquarters in the capital Lima.

"By 2020, the annual production capacity will increase 45 percent and the value of annual output will reach $2 billion, contributing to the creation of more jobs and tax," Ge said.

Chinalco, which has been operating in Peru for 10 years, hopes to triple its processing capacity to 157,000 tons a day, and to double its annual output of fine copper to 300,000 tons.

The Peruvian president welcomed the "significant" investment, saying that it will help spur Peru's economy, raise revenue and support government education and healthcare programs.

"That's why I thank the Chinese government and Chinese companies for the confidence they have in Peru," said Vizcarra, who took office in March.

Geological studies show Toromocho, located about 150 km east of Lima, contains 1.526 billion tons of minerals with an average copper content of 0.48 percent, along with molybdenum and silver.

Chinese Ambassador to Peru Jia Guide told reporters at a press conference that "over the next three years, we expect a wave of Chinese investment in Peru of some $10 billion, in energy and mines, construction and finance."

"Chinese-Peruvian pragmatic cooperation offers a very promising outlook," Jia added.

Top
BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US