Chalco buys Peru Copper for US$65.5m
13 June 2007
Aluminum Corporation of China, also known as Chalco, has bought Vancouver-based Peru Copper for US$792 million, the Financial Times reported. Chalco, which is China's largest diversified metals and mining company, paid US$6.19 a share for the company. Chalco will give a US$65.6 million cash infusion to Peru Copper to fund a copper mineral deposit project in Morococha in central Peru. Chalco paid for the purchase in a cash agreement at a 21% premium to Peru Copper's 20-day volume-weighted average on the Toronto Stock Exchange.
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