April 7, Aluminum Corp. of China (Chinalco), the parent company of Aluminum Corp. of China Ltd. (2600.HK) and the largest aluminum producer in China, has signed an agreement with a state-owned service firm in Laos to jointly develop mineral resources in the southern part of the Southeast Asian country, China Business News reported on Thursday.
A delegation led by Chinalco general manger Xiong Weiping visited the country last week, and an agreement regarding the cooperation was signed by both parties during the visit, the report said.
A Chinalo source told the paper that the company will invest in the Laotian mining company and acquire a controlling stake in it, but the source didn’t provide actual shareholding proportions and which minerals Chinalco will explore in Laos.
A preliminary report from the Laos Department of Mineral Resources showed that the country has gold ore reserves of 17 million tons, lead-zinc ore reserves of 800,000 tons and copper ore reserves of 182 million tons, according to the paper.
Yunnan Copper Industry (Group) Co. Ltd., Chinalco's copper arm, is already developing a copper mining project in Laos, a source from Yunnan Copper was cited as saying by Reuters.
Chinalco, the world’s second-largest alumina producer, said earlier this it would continue efforts to diversify its business portfolio to guard against future alumina price volatility, and plans to prioritize the development of its copper business to take advantage of demand in China and a global undersupply of the metal.
It said it plans to start building a mine in Peru's Toromocho copper project this year. Chinalco acquired Peru Copper Inc. and the development rights to the Toromocho project for $860 million in 2007.
Toromocho is forecast to produce the equivalent of about 250,000 tons of fine copper a year, and also small amounts of silver and molybdenum. Annual copper concentrate output will be about 900,000 tons.
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