Chinese mining interest to relocate Peruvian peasants
Submitted by WW4 Report on Fri, 06/20/2008 - 03:05.
Chinese mining company Chinalco has gained rights to exploit copper at Peru's Mount Toromocho, to be used in electrification projects in China. The $3 billion project will entail the removal of the entire town of Morococha (Yauli province, Junín region). Residents voted to approve the relocation across the valley last year, on promises of government aid. But nearly half the residents supported a "no" campaign, rejecting the terms as inadequate. (BBC, June 17)
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Copper mines
PBS had a segment on this mountain. What's interesting is how cheap the copper in the mountain is. The 3 billion at todays Copper commodity pricing is a fraction of the value. PBS also pointed out that the Chinese have many of these projects going on in Peru, basically 'siphoning up the resources'.