Chinalco to invest $2bn in Peru copper mine

Aluminum Corp of China, or Chinalco, will invest US$2.16 billion in the Toromocho copper mine project in Peru, an increase from the US$1.5 billion it had originally earmarked, Bloomberg reported. The project, located 140 kilometers east of Lima, is expected to produce 210,000 metric tons of copper annually by 2012, making it the country’s largest mining project and boosting overall copper exports from the South American country by 25%. Chinalco’s CEO Xiao Yaqing said the mine’s 1.5 billion tons in reserves could make it productive for 30 years. China Development Bank will finance the project. Peru is the world’s third-largest copper producer, while China is the world’s biggest copper consumer.