China to invest $1.3bn into Peruvian copper project

China to invest $1.3bn into Peruvian copper project

Chinalco, China’s main mining company, has signed a preliminary deal with the Peruvian Government to expand the Toromocho copper mine.

The agreement is part of a number of deals signed this week that will see China invest nearly US$5.3 billion into Peru’s resources sector.

Chinalco is expected to commit $1.3 billion to Toromocho, China’s largest overseas copper project, in the coming months.

Another Chinese firm Zhongrong Xinda Group will invest close to $1.5 billion to fund the Hierro Papmpa de Pongo project in Arequipa and Xiamen Zijin Tongguan Investment Development Corporation will provide a further $2.5 billion to the Rio Blanco copper project.