Chinalco to start building Peruvian copper mine Toromocho in 2010
Friday, 18 Sep 2009
Reuters reported that Chinese metals conglomerate Chinalco will start construction of its USD 2.2 billion Peruvian copper mine Toromocho in early 2010 and begin production in the last quarter of 2012.
Mr Gerald Wolfe president of Chinalco in Peru said that "We are moving ahead as fast as possible."
Mr Wolfe said that the dates were pushed back because Chinalco had wanted to review the project and make sure it made sense."
The project is Chinalco first investment in Peru and Chinese companies hungry for raw resources have committed to spend about USD 6 billion in the country's mining sector.
Peru is the world's No 2 copper producer after Chile. Before the start of the global economic crisis, the state owned Chinese company had said that Toromocho would start production in the Q1 of 2012 while construction was initially set to start in mid 2009.
Annual copper output from the open pit mine is expected to be roughly 210,000 tonnes for the first 10 years of its expected 3 decades of operation.
