Peru Copper CEO Gerald Wolfe was upbeat yesterday about Beijing-based Aluminum Corporation of China’s offer to buy the Canadian company.
At a press conference,Wolfe also said that the Toromocho project will proceed even if the Chinalco bid fails to attract sufficient shareholder interest.
“I think the offer is positive as a very significant company will have the shares and without a doubt can invest,” said Wolfe.
On Monday, Chinalco made a friendly offer worth some $790 million to buy Peru Copper, which has been developing the Toromocho copper deposit.
The offer represents some $6.20 a share.Yesterday, company shares were trading at $6.00 on the Lima Stock Exchange.
The Toromocho project, located in central Peru, is currently in the exploration stage.
“It is a mega project, without a doubt,” said Wolfe.
Minera Peru Copper SA, which is owned by Peru Copper, has until June 2008 to decide whether it will exercise the option to
the develop Toromocho.
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