SHANGHAI, Mar. 27 (SMM) – Chinalco Mining Corporation International widened its losses in 2013 as its Toromocho copper project in Peru is still under development and has not generated revenue.
The company recorded a total loss of $35.5 million last year, compared to a loss of $20.3 million a year ago, it told Hong Kong Stock Exchange today.
``For the year 2014, new mine supply will be injected to the market affecting negatively the copper price and commercial terms (TC/RC),’’ Chinalco Mining said in its financial report.
Copper market’s yearly surplus is expected to grow to around 350,000 tonnes from 180,000 tonnes in 2013, which ``is unlikely to be a major slide in copper prices during the year, but there will be some downward pressure,’’ it said.
Chinalco Mining is a subsidiary of Aluminium Corporation of China (Chinalco) that is acting as a platform for acquisition and development of nonferrous and non-aluminium mineral resources and projects outside China.