Chile Welcomes Investment in Its Copper Ore; Chinese Firms Step Up Acquisitions Overseas

SHANGHAI, Nov. 13 (SMM) - Recent remarks by Chilean ambassador to China have sent a signal that the world’s top copper producer is welcoming Chinese firms to invest in the country’s abundant copper ore reserves. 

Chile’s copper ore reserves will suffice 100 years of development, said Luis Schmidt, Chilean ambassador to China, during the recent Chile Mining Investment Forum. His remarks are interpreted as a sign that the copper-rich nation hopes Chinese companies to invest in its copper ore.  

Chinese enterprises have stepped up acquisition in other countries with abundant copper ore since it is difficult for them to venture into copper ore market in Chile.

For example, Jiangxi Copper Corporation (JCC) is planning to acquire Las Bambas copper mine in Peru for $ 5.9 billion, Jorge Merino Tafur, Minister of the country’s Energy and Mining Ministry, confirmed November 4. Its rivals for the acquisition are another two Chinese metal giants – Aluminum Corporation of China (Chalco) and China Minmetals Corporation. 

Chalco announced the same day that its $ 4 billion Toromocho copper mine in Peru will come stream in December. The mine, with 1.53 billion tonnes of ore reserves, is scheduled to produce 250,000 tonnes of copper concentrate per year once fully operational.