12:58 | Lima, Apr. 29 (ANDINA).
China's state-owned Minmetals will invest 2.5 billion dollars in El Galeno copper and gold mine, located in the Andean department of Cajamarca, Peru’s Ministry of Foreign Trade and Tourism (Mincetur) said on Wednesday.
"The Free Trade Agreement with China will attract more investment and generate new jobs in the country as part of its first benefits package", said Trade Minister Mercedes Araoz.
Trade Ministers of China and Peru signed on April 28 a bilateral Free Trade Agreement (FTA), capping more than a year and a half of negotiations and legal processes.
After the ceremony, Araoz met with Chinese entrepreneurs from different companies interested in investing in Peru, all attracted by the legal stability this trade agreement offers.
In January 2008, Minmetals announced the acquisition of 93.9 percent of shares of Northern Peru Copper Corporation (NPCC), which operates gold and copper mines in northern Peru.
Through this acquisition, Minmetals China took control of El Galeno projects, and Hilorico gold project, also located in Cajamarca.
The operation, approved by the Government of China, was conducted by Copper Bridge Acquisition Corp. (CBAC), a joint venture of China Minmetals and Jiangxi Copper.
"This company (Copper Bridge Acquisition) was also interested in investing in hotels and tourism, and committed to promote investments in the country", said the Peruvian minister.
(END) CSO/RMB/EEP/LVT
Publicado: 29/4/2009