(CBN Global) March 21 -- The first shipment of 11,330 tons of copper concentrate from Peru's Las Bambas copper mine has arrived at Nanjing port, proving that the USD10.5 billion investment, the biggest overseas acquisition project ever in the history of China's metal mining, has been successful.
The Peruvian Las Bambas copper mine was acquired in 2014 at a cost of USD10.5 billion by a consortium of companies led by China Minmetals Corp., China's biggest metals trader, and included Citic Metal, part of the investment giant Citic Group Corp., and China Reform Holdings Corp, an investment company backed by China's State-owned Assets Supervision and Administration Commission.
The shipment is excellent quality, with the copper concentrate as high as 48.5 percent and silver content at 293.00g/MT, CBN has learned.
"Copper has become one of the scarcest domestic bulk mineral raw materials. Over the past decade, China's long-term external dependence on copper has stayed at more than 75 percent, and millions of tons of copper concentrate are imported every month," said Mr. Jiao Jian, Minmetals Deputy General Manager.
The Las Bambas project will bring in USD100 million in domestic equipment exports this year. "Over the next decade, the Las Bambas project will also boost USD30 billion in trade between China and Latin America, as well as USD4 billion investments in subsequent mine construction projects," said Minmetals Chairman He Wenbo.