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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (27065)	10/8/2008 7:18:03 PM
From: LoneClone	Read Replies (1) of 193970

Peru Toromocho copper site changes ownership, output in 2012 Washington (Platts)--8Oct2008 platts.com The central Peru-based Toromocho copper project has been renamed Minera Chinalco Peru SA, reflecting new ownership and company organization. The company said Wednesday it is moving ahead as expected with plans for the project to start producing 200,000 mt of copper metal in concentrates by 2012. The project's budget still stands at $2.15 billion, the number reported in April at the time of the company's feasibility study. The study showed the site has 1.5 billion metric tons of minerals grading 0.48% copper, 0.019% molybdenum and 6.9 g/mt of silver, said a company source. Chinalco bought a majority stake of Toromocho in 2007 for $790 million. The source, who asked not to be named, said price inflation caused the project's cost estimate to balloon from a 2006 estimate of $1.5 billion. Part of the cost covers building a new residential area for people who are being displaced by the project. --Renzo Pipoli, newsdesk@platts.com

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