Bank of China provides RMB 657 million short-term working capital loan for Toromocho Copper Mine

Project narrative

On March 17, 2021, Minera Chinalco Perú S.A. (Chinalco Peru or 中铝秘鲁矿业公司) — a special purpose vehicle and wholly owned subsidiary of Aluminum Corporation of China Limited (Chinalco) — entered into a short-term working capital facility agreement with Bank of China worth RMB 657 million. The loan had a 1.55% interest rate and 0.977-year maturity (final maturity date: March 8, 2022). The Toromocho Project (特罗莫克矿山) is located in central Peru in the core of the Morococha mining district. It is one of the largest copper mines in the world, and the first greenfield copper mine developed by a Chinese corporation abroad. This working capital facility supported Chinalco Peru during the Toromocho Expansion (or Phase 2 of the Toromocho Project). The first phase of the expansion works began on June 1, 2018 and was completed during the fourth quarter of 2020. The second phase of the expansion works was authorized on July 14, 2023, and was initially planned for completion in 2024, but is now expected to be completed in 2025. The combined investment for both phases of the expansion works was $1.355 billion.