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June 5, 2018

Chinalco begins work on $1.3bn Toromocho mine expansion in Peru

Aluminum Corp of China (Chinalco) has reportedly commenced works on a $1.3bn Toromocho copper mine expansion in central Peru in a bid to increase production.

Aluminum Corp of China (Chinalco) has reportedly commenced works on a $1.3bn Toromocho copper mine expansion in central Peru in a bid to increase production.

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Chinalco chairman Ge Honglin has noted that the investment will allow the company to scale up the mine’s copper production by 45% by 2020, Reuters reported.

The value of production is expected to be more than $2bn per annum.

“The investment will allow the company to scale up the mine’s copper production by 45% by 2020.”

According to China’s official Xinhua news agency, Chinalco is planning to increase Toromocho’s copper concentrate processing capacity to 157,000t per day and annual refined copper output to 300,000t through the expansion.

China is the world’s biggest copper consumer, while Peru is a major producer of the metal.

The company acquired Toromocho in 2007 and started production at the mine in 2013. Chinalco also owns copper assets in China’s southwestern Yunnan province.

In November 2016, the company reached a preliminary agreement to undertake the expansion of the project.

Located in the District of Morococha, Yauli Province, in the Junin region, the project is operated by the company’s subsidiary MineraChinalco Peru and is mined for silver, molybdenum and copper.

Toromocho contains 1.526 billion tonnes of ore, with average copper content of 0.48%, an average grade of molybdenum of 0.019% and an average grade of silver of 6.88 grams per tonne.

It was originally expected to produce 10,000 tonnes of molybdenum, one million tonnes of copper concentrate and four million ounces of silver oxide per year.

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Dig deeper with our mining equipment forecasts

As ore mines ramp up and come on stream, the total number of active surface machines (including trucks, excavators, shovels, loaders, graders and dozers) is forecast to rise from 141,470 in 2020 to 167,367 by 2025. This will be a CAGR of 3.4% from 2020 to 2025. The largest contributor to this growth is expected to be trucks, particularly smaller-sized trucks with shorter lifespans, used extensively in parts of Asia Pacific. Underground mining equipment is similarly expected to see a CAGR of 2.3% in this same time frame, with the number of mining trucks and loaders/LHDs in active underground mines expected to rise to 19,853 by 2025. GlobalData’s extensive mine-site research and equipment models have been used to build a complete view of mobile mining equipment populations globally for trucks, loaders, graders, dozers, excavators and shovels. This report includes informative breakdowns by each major region and key mining country, and also by major commodity. Read GlobalData’s Global Surface and Underground Mining Equipment: Populations & Forecast to 2025 for a complete view of the market, allowing you to best position yourself for the future.
by GlobalData
Enter your details here to receive your free Report.

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