Andes Villagers Resist China's Claim on $50 Billion Mine: Video
Nov. 2 (Bloomberg) -- Before Aluminum Corp. of China, known as Chinalco, can mine the more than $50 billion of copper ore buried in the Toromocho mountain in Peru, the company must get the residents of the nearby town of Morococha to leave their land. Some residents are resisting the move, despite the offer of a free house in a newly built town. They want a greater share of the spoils. The problem illustrates the challenges global mining companies face as copper resources decline, consumer demand increases and exploration is pushed to the frontiers of the earth. (Source: Bloomberg)
Before Aluminum Corp. of China, known as Chinalco, can mine the more than $50 billion of copper ore buried in the Toromocho mountain in Peru, the company must get the residents of the nearby town of Morococha to leave their land.
Some residents are resisting the move, despite the offer of a free house in a newly built town. They want a greater share of the spoils. The problem illustrates the challenges global mining companies face as copper resources decline, consumer demand increases and exploration is pushed to the frontiers of the earth. (Source: Bloomberg)
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