Shanghai Pudong Development Bank provides $27 million loan for Toromocho Project (Linked to Project ID#56098, #36064, #63411, #55899)

In December 2015, Minera Chinalco Perú S.A. ('Chinalco Peru') — a special purpose vehicle and wholly owned subsidiary of Aluminum Corporation of China Limited (Chinalco) — entered into a $27 million, long-term loan (facility) agreement with Shanghai Pudong Development Bank. The borrowing terms of the loan are unknown. 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. Upon completion, the project was expected to boost overall copper exports from Peru by 25%. CCCC Del Peru SAC (a subsidiary of China Communications Construction Company, Ltd.) was the contractor responsible for project implementation. The Environmental Impact Assessment of the Toromocho Copper Mine Project was approved by the Peruvian government in December 2010. Chinalco Peru obtained the construction permit and began work in July 2011. The mines were officially commissioned on December 10, 2013. However, three months after its inauguration, the operation of the mine was suspended by Peru’s Environment Assessment and Enforcement Agency (OEFA) after it discovered the illegal discharge of acid effluents in two nearby lakes. Chinalco quickly resolved this matter by building improved drainage and explained the incident as a result of unusually heavy rainfall which caused unexpected acid runoffs. The Toromocho Copper Mine Project began commercial production on June 17, 2015.

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