Aluminum Group of China Chinalco and Empresa Minera del Peru SA signed an exercise contract on May 8th 2008 on copper exploiture at Toromocho in Peru.

As per report Chinalco will pour USD 2.15 billion to exploit the copper mine. It said that the total fund that invested in this project would be afforded by China Development Bank, about 67% in maximum and Chinalco about 33%.

Toromocho copper mine is one of the oversize copper mines to be exploited in the world, which owns about 15 million tonnes of metal resources in equivalence and as much copper as 19% of the total in China. It is expected to yield 2.5 million tonnes of fine copper each year, equaling one third of China's domestic output.

Chinalco have successfully purchased the entire stocks of Empresa Minera del Peru SA with USD 860 million in last August. Empresa Minera del Peru SA is a Canadian company listed in Canada, US and Peru.

(Sourced from Mysteel.net)