China has bought mining rights for the world's most productive copper mine in Peru, a BBC investigation has revealed.
The British news broadcaster spoke to Chinalco, which is set to start open-cast mining on Mount Toromocho, located 86 miles from Lima.
The mine, which gets its name from its shape - the Bull with No Horns - is composed of two billion tonnes of copper ore.
The Peruvian Government is happy with the $3bn that Chinalco will invest in the Toromocho mines, writes the BBC.
The copper Chinalco extracts from Toromocho will cost about US$410 per ton. Today, the price for copper on the London Metal Exchange settled at 20 times more at $8,255.
In order to dig out the copper ore, Chinalco will have to shift the inhabitants of the town of Morococha, across the valley.
China is a massive consumer of copper, using it for wiring factories and manufacturing plants.
By staff writer
