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Chinalco sees later open for Peru Toromocho mine

Friday, Nov 19, 2010
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LIMA Nov 18 (Reuters) - China's Chinalco expects its $2.2 billion Peruvian copper mine, Toromocho, to open in the second-quarter of 2013 instead of late 2012 as it works to get all its permits from the government, the head of the project said on Thursday.


"Construction starts after we obtain the permits, we can't start before," Gerald Wolfe told reporters.


Toromocho is forecast to produce the equivalent of about 250,000 tonnes of fine copper a year, and also small amounts of silver and molybdenum. Annual output of copper concentrate will be about 900,000 tonnes.


Peru is the world's No. 2 copper producer after Chile and has attracted billions in investment from Chinese miners hungry from commodities. The mine will run for 35 years.


Earlier this year, Toromocho started construction of a new town for more than 5,000 people as the existing town of Morococha stands right where the company will build the mine.


Residents of the new town will own their own homes, though local media have said that not all residents have agreed to be relocated. (Reporting by Teresa Cespedes; editing by Jim Marshall)

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