sidesh0wb0b
17 years ago
Just a wee bit more news.
"We have made an offer to purchase all the outstanding
common shares of Peru Copper for C$6.6 per share in cash," Xiao
Yaqing, president of Chinalco told China Daily in an exclusive
interview.
"Concurrent with the announcement of our intention to make
the offer, we agreed to invest C$70 million (US$67 million) to
subscribe to a 9.9 per cent interest in Peru Copper at a price
of C$5.3 per share, " he said.
Peru Copper is listed on the Toronto stock market.
Chinalco's Peru Copper deal is part of its ongoing efforts
in overseas expansion, analysts say.
It already has aluminum-related projects in Australia,
Africa, Southeast Asia and South America, Xiao said.
Chinalco is now the world's fourth-largest aluminum
company.
Peru Copper said it would use the money to fund its
Toromocho project, a copper mine in Morococha in central
Peru.
The company is now also investing in bauxite mining projects
in countries such as Vietnam and Guinea. "Our project in
Vietnam includes bauxite mining and alumina production, with
the total investment of over US$1 billion," said Xiao.
"Now we are also doing exploration work for bauxite mine
reserves in Guinea. The project will have the capacity of over
1 billion tons," he added.
This March Chinalco signed an agreement with the government
of Queensland, Australia, to develop the Aurukun bauxite mining
project. The A$3 billion (US$2.6 billion) deal is by far the
largest investment deal by a Chinese company in Australia.
Overseas mining resources are important for Chinalco, said
Xiao. As China's national aluminum company, Chinalco's quick
expansion has pushed up its demand for the resources.
China now has become the world's largest aluminum products
maker and consumer, but China's bauxite mine resources only
account for 2 per cent of the world total.
"But the bauxite mine resources we have now bought overseas
is equal to one-third of China's total reserves," said Xiao.
"Our overseas projects have contributed a lot to the
development of the local economy," he said. "For instance, our
investment in Australia has helped improve the economy in the
region."
Despite a series of mergers and acquisitions in the world's
aluminum industry, Xiao said Chinalco now has no plans to buy
its global rivals.
In May, the world' largest aluminum company Alcoa of the US
said it agreed to buy the world's second-largest aluminum
company Alcan in Canada.
"Now is not the best time for us to acquire foreign
companies. We are making efforts to make our company more
multinational," he said. Instead, Chinalco chose to "buy many
domestic aluminum companies to increase its capacity".
"Now our sales focus more on the domestic market. We aim to
increase our overseas sales to one-third of the total in the
next 5 to 10 years."
Last year sales revenue of the company was around US$13
billion, a growth of more than 30 per cent year-on-year.
(XIC)
(C) 2007 Asia Pulse Pte Ltd
Crazy Money
17 years ago
Here ya go buddy... lol... PR...
Peru Copper enters into exclusivity agreement
Thursday May 24, 6:12 pm ET
VANCOUVER, May 24 /PRNewswire-FirstCall/ - Peru Copper Inc. (TSX:PCR / AMEX:CUP / BVL:CUP) ("Peru Copper" or the "Company") announced today that it has entered into an exclusivity agreement with a third party in order to facilitate discussions with such third party regarding a potential transaction which may involve the acquisition of the Company or other material transactions. The exclusivity period ends on May 28, 2007. There is no certainty that agreement on a transaction will be reached and Peru Copper will provide further updates at the appropriate time.
Peru Copper is involved in the acquisition and exploration of potentially mineable deposits of copper in Peru. On June 11, 2003, Peru Copper entered into the Toromocho Option Agreement ("Toromocho Option") with Empresa Minera del Centro del Peru S.A. ("Centromin"), a Peruvian state-owned mining company, whereby Centromin granted the Company the option to acquire its interest in the mining concessions and related assets of the Toromocho Project.
Cautionary Note to U.S. Investors - The United States Securities and
Exchange Commission permits U.S. mining companies, in their filings with
the SEC, to disclose only those mineral deposits that a company can
economically and legally extract or produce. We use certain terms in this
press release, such as "mineral deposit", that the SEC guidelines
strictly prohibit U.S. registered companies from including in their
filings with the SEC. U.S. Investors are urged to consider closely the
disclosure in our Form F-3 Registration Statement, File # 333-121527,
which may be secured from us, or from the SEC's website at
http://www.sec.gov/edgar.shtml.
CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future price of copper and molybdenum, the timing of exploration activities, the mine life of the Toromocho Project, the economic viability and estimated internal rate of return of the Toromocho Project, the estimation of mineral reserves and mineral resources, the results of drilling, estimated future capital and operating costs, future stripping ratios, projected mineral recovery rates and Peru Copper's commitment to, and plans for developing, the Toromocho Project. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Peru Copper to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and potential development of the Toromocho Project, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of copper, silver, molybdenum and gold, as well as those factors discussed in the section entitled "Risk Factors" in the Form F-3 as on file with the Securities and Exchange Commission in Washington, D.C. and in the section entitled "Narrative Description of the Business -- Risks of the Business" in the Annual Information Form of the Company dated March 24, 2005. Although Peru Copper has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Peru Copper does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
CONTACT: Patrick De Witt, Director of Investor Relations, at (604) 689-0234, or patrick@perucopper.com