LIMA - The Chinese-owned mining company Shougang Hierro Peru is to invest $1 billion to expand production at its plant in southern Peru by 10 million tonnes per year, the company's chairman said Saturday.
"The investment of one billion dollars will help expand the plant's production capacity by 10 million tonnes per year," said Wu Bin after meeting with Peruvian President Alan Garcia.
He said he hoped the plant's expansion would be operational by the end of 2010.
Shougang Hierro Peru is a private company that extracts and processes iron ore. Its main mining and metallurgical operations are located 530 kilometers (330 miles) south of Lima in the San Juan de Marcona district, in Nazca province.
The company is owned by China's Shougang Group, which took over mining management and operations in January 1993. It is one of the top five exporters to China.