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PrintChinese trading firm Minmetals Corp signed a framework deal with Chinese and Peruvian banks on Wednesday, which could lead to financing of its Galeno copper project in Peru.
A 2007 feasibility study on the roughly $1 billion Galeno project showed that over a 20-year mine life, it will produce 144,000 tonnes of copper in concentrate annually, averaging more than 200,000 tonnes per year in the first five years.
Minmetals, which controls some 60 percent of Galeno, is part of a growing list of Chinese companies making investments in Peru. Chinese firms have committed to pour about $6 billion in Peru's mining sector over the next three years.
The president of Minmetals, Zhou Zhongshu, inked the deal with China's Development Bank, Peru's Banco de Credito and the publicly-traded Jiangxi Copper Co.
The pact was one of 10 accords signed between China and Peru on Wednesday, while leaders from 21 Pacific Rim economies are in Lima for the Asia Pacific Economic Cooperation meeting.
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