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Chinalco Mining Widens Losses in 2013 as Toromocho Project Under Development
Mar 27,2014 13:53CST
company news
Source: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.

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.
 

Chinalco Mining Corporation International
Chinalco
2013 FY results

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