China's copper mine starts production in Peru

By Li Shen
0 Comment(s)Print E-mail, December 13, 2013
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The Toromocho project, China's largest overseas copper project, started production in Peru on Dec. 11. The project, one of the top 20 in the world, has a copper reserve of 1.2 million tons, 19 percent of China's domestic total copper resources. It will produce 220,000 metric tons of refined copper annually, 18 percent of domestic annual production.

Chinalco Mining Corp. International has constructed the project over six years with advanced Engineering Procurement Construction Management (EPCM), the shortest time for any such copper mine. The project has the world's largest power shovels, mining trucks, semi-autogenous mills and other top level equipment. Its production cost is estimated to be lower than 75 percent of copper mines worldwide with the advanced construction, operation and management patterns.

The Toromocho project is a good example of Chinalco Mining Corp's overseas investment. State-owned Chinalco Mining Corp is China's largest nonferrous metals enterprise. It successfully acquired full equity in Peru Copper Inc in August 2007 and signed the transfer of concessions and mining assets contract of the Toromocho Project in 2008, one of Peru's largest copper projects.

Chinalco Mining Corp. International went public in Hong Kong in January 2013. According to an insider with its parent Aluminum Corp. of China (Chinalco), Chinalco Mining Corp. International is Chinalco's resources development platform for overseas M&A and the Toromocho project is its core asset.

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