The largest state owned aluminium company in China has officially started work on a multi-billion dollar expansion of one of its’ copper projects.
Chinalco has announced that it has started work on a $1.3 billion expansion of its Toromocho copper mine in Peru.
In a ceremony at the weekend, Chinalco Chairman Ge Honglin said that through the expansion the project would increase its output by 45% by 2020, according to Reuters.
Through the expansion, Chinalco will see the value of production reportedly exceed $2 billion and its copper concentrate capacity will rise to 157,000 tonnes per day and an annual production of up to 300,000 tonnes.
Toromocho represents one of the largest copper reserves in Peru, with an estimated reserve of 1.52 billion tonnes.