Chinalco Mining Corporation International (“CMC”) is Chinalco’s core platform for the future acquisition, investment, development and operation of non-ferrous and non-aluminum mineral resources and projects overseas.
With an experienced and motivated international management team and substantial mineral reserves, CMC will ensure the timely construction of mining and processing facilities and the subsequent ramp up of the Toromocho Project. Moreover, CMC aims to enhance and strengthen our existing mining portfolio as part of Chinalco’s active global expansion strategy, which is in line with China’s initiative in securing mineral resources overseas to satisfy its growing demand. Meanwhile, we believe that CMC will also benefit from Chinalco’s strong brand recognition as well as broad range of acquisition opportunities available to it. In addition, our overseas corporate structure allows us to access capital markets or other forms of financing more quickly and efficiently to support the execution of our growth strategy.
CMC is currently focusing on developing the Toromocho Project located in central Peru in the core of the Morococha mining district. The Toromocho Project is the world’s second largest pre-production copper project, as measured by proved and probable copper ore reserves, and the third largest pre-production copper project, as measured by average planned annual production between 2012 and 2020, among the top 20 firm copper mining projects scheduled to commence production of copper concentrate from 2012 to 2016.The commissioning of the Toromocho Project commenced on 10 December 2013.
We believe that investment opportunities will continue to be created by the privatization of mining companies, primarily in emerging markets, and the rebalancing of asset portfolios by other industry players. In addition to actively monitoring global mergers and acquisitions activities in connection with non-ferrous mining projects outside of China, we plan on seeking referrals from our connections with industry players and investment banks. We plan on focusing on high-growth and low cost mining projects with long estimated mine lives.
CMC aims to become a leading diversified-mineral resources company focusing on non-ferrous and non-aluminum mining projects outside of China mainly by engaging in strategic and selective acquisitions, optimizing operation and production capacities and further exploring potential mineral reserves.