MAC: Mines and Communities

Update On Chinese Minerals Companies Abroad: Peru, Kenya, Burma, Us, India

Published by MAC on 2007-06-15

Update on Chinese minerals companies abroad: Peru, Kenya, Burma, US, India:

Chinalco purchases 34 pct stake in Peru Copper

The Aluminum Corporation of China (Chinalco), has entered into a definitive agreement with Peru Copper Inc. in which Chinalco will acquire a 34 percent stake in Peru Copper for CAD $840 million ($791.30 million).

Xiao Yaqing, President of Chinalco, commented that: "The project is an important part of Chinalco's 'going out' policy to expand operations in other countries, and will also grant us the opportunity to advance the Toromocho Project. We look forward to identifying further investment opportunities in Peru and around the world," Xiao added.

According to Beijing Antaike Information analyst, Li Yusheng: “…Chinalco has long been attempting to get its hands on copper assets. [It] has already acquired several copper smelters and fabricators, including Dayi Nonferrous Metals Co. Ltd. and Luoyang Copper and Shanghai Nonferrous Metals Co. Ltd…”

The Toromocho Project will be Chinalco's first copper mine project. The Toromocho Project, located in central Peru's Morococha mining district, is a potentially open pit, porphyry copper mineral deposit. In June 2003, Peru Copper entered into agreement with Empresa Minera del Centro del Peru S.A. (Centromin), a Peruvian state-owned mining company, to acquire the Toromocho Project.

Chalco is the second largest alumina refiner and one of the largest primary aluminum producers in the world. The company produced 1.93 million tons of aluminum and 8.83 million tons of alumina in 2006. Chalco is listed on the New York, Hong Kong and Shanghai stock exchanges.

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