Aluminum Corp. of China Ltd. (Chinalco) has shown
interest in acquiring the Las Bambas copper project in Peru,
according to the local government.
"We had a meeting with
Chinalcos senior executives and they expressed their
interest in (acquiring) Las Bambas, as well as looking for new
exploration sites," Peruvian energy and mines minister Jorge
Merino Tafur said in a video released by local newspaper
"They want to keep
investing in Peru," Tafur said, adding that other companies are
also considering a purchase of the project.
China imposed the sale
of the project as a condition for its approval of the merger
between Glencore International Plc and Xstrata Plc (now
Glencore Xstrata Plc).
Glencore Xstrata has
until September 2014 to find a buyer. The project is estimated
to be worth more than $5 billion.
The project is
expected to start production in the first quarter of 2015 and
its output is set to reach 400,000 tonnes of copper per
Chinalco is also
making a $4.8-billion investment in copper project Toromocho,
in Perus Junín region, according to information
from the countrys energy and mines ministry.
were at $3.5 billion until earlier this month when
Chinalcos board approved an additional investment for the
expansion of Toromocho.
The project is expected to start production in December and
its output will total 300,000 tonnes of copper per year, up
from the 270,000 tonnes of copper per year forecast before the
announcement of the new investment.
A version of this
article was first published by AMM sister publication Metal