Revenues from Junin-based Toromocho copper project's expansion, whose investment reaches US$1.355 billion, will generate growth and are earmarked for social works, Peruvian President Martin Vizcarra announced Friday.
Speaking from the Government Palace in Lima, where the expansion announcement was made, the statesman stressed the importance of the project, which is set to ramp up copper production
by 50,000 metric tons a day.
Additionally —he continued— the initiative will revitalize the economy and attract greater investments
for the Andean nation.
"These revenues will be mainly destined for social works: to improve education
and health, as well as to finance the sanitation projects Peru needs so badly. That's why we welcome the investment," the Head of State commented.
According to Vizcarra, this expansion will increase daily production
from 117,000 to 172,000 metric tons, a significant growth
that requires the workforce participation of 3,500 persons.
"Once completed —very soon in 2020— the project will result in increased production
(…). This investment is not only about how much money you put in, but how much development
can be expected to occur in Peru," he expressed.
He went on to add this expansion will be made possible thanks to a period of political stability and the State's decision to support this type of socially and environmentally responsible investment.
"When investment generates progress and growth
, the State becomes its ally," said the dignitary noting this copper project extension is the first major investment announced under his administration.
The Chinalco's Toromocho expansion
project announcement event was attended by Energy and Mines Minister Francisco Ismodes, Chinese Ambassador to Peru Jia Guide, and the company's representatives.