China Boss in Peru on $50 Billion Peak Bought for $810 Million
Chinese mining investments of $11 billion for Peru project , for mining copper as chinese demand for the metal soars up.
Chinese state-owned mining company will tear down the peak in Peru's town of Morococha, 103-year-old mining town with $50 billion deposit of ore underneath , to ship home the copper and leaving behind a crater 800 meters (2,600 feet) deep and a third larger than New York City's Central Park . The mountain village's population of 5,397 will be relocated . Many don't want to leave.
As chinese economy surges many mining treasures are being searched for meeting its copper needs.
This precious metal's global demand is stated to exceed its supply by 11 million tons by 2035 .
More than half of China's 1.3 billion people live in rural areas. Over the next 15 years, the country will need 50,000 skyscrapers, 170 mass transit systems and urban housing for 350 million people as it develops the interior, according to a 2009 study by the McKinsey Global Institute, a research arm of New York-based McKinsey & Co. That represents a potential doubling of the domestic market for autos, appliances, televisions and other consumer goods.
Chinese mining investments of $11 billion for Peru project , for mining copper as chinese demand for the metal soars up.
Chinese state-owned mining company will tear down the peak in Peru's town of Morococha, 103-year-old mining town with $50 billion deposit of ore underneath , to ship home the copper and leaving behind a crater 800 meters (2,600 feet) deep and a third larger than New York City's Central Park . The mountain village's population of 5,397 will be relocated . Many don't want to leave.
As chinese economy surges many mining treasures are being searched for meeting its copper needs.
This precious metal's global demand is stated to exceed its supply by 11 million tons by 2035 .
More than half of China's 1.3 billion people live in rural areas. Over the next 15 years, the country will need 50,000 skyscrapers, 170 mass transit systems and urban housing for 350 million people as it develops the interior, according to a 2009 study by the McKinsey Global Institute, a research arm of New York-based McKinsey & Co. That represents a potential doubling of the domestic market for autos, appliances, televisions and other consumer goods.
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