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FT: Chinalco to boost investment at flagship Peru copper mine

  • Chinalco (ACH +2.5%) says it will step up investment at its key Toromocho mining project in Peru, as the country becomes an increasingly important supplier of copper to China.
  • Chinalco China Copper president Wu Jiangqiang tells Financial Times that he expects the mine to produce 180K-190K metric tons of copper this year, up 13% Y/Y, after output last year reached only 168K tons, failing to meet the company's copper output target of 182K tons.
  • Wu says ACH will start to build the second phase of Toromocho "very soon," which analysts at Citi estimate will add another 70K metric tons/year to the project.

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