July 02nd, 2012 | Global Times Chinalco enters Peru
State-owned Chinalco Mining Corp is now in the housing construction and demolition business as it works to relocate a Peruvian town that sits in the way of its $2.2 billion Toromocho copper mine, the company confirmed on Sunday.
Chinalco said it would finish building a new city of paved roads and multi-story homes by late July for 5,000 people living on the side of a giant red mountain of copper 5,000 meters above sea level.
Chinalco believes the new $50 million town may help the company avoid community opposition that has stalled other major projects.
Eximbank grants loan
China’s Eximbank has signed a loan agreement with Cameroon worth 241.4 billion CFA francs ($467.03 million)for the construction of an expressway road linking the capital Yaounde to Cameroon’s economic hub Douala.
Cameroon’s Economy Minister Emmanuel Nganou Djoumessi said that the road will cut the distance to be travelled between the two cities from 265 kilometers on the existing road to 215 kilometers.
Hilton Hotels in Weihai
Hilton Hotels Corp and Beijing-based Zhuoda Real Estate Group have joined hands to build a five-star hotel complex in Weihai, East China’s Shandong Province, Hilton said in a statement on Sunday.
The move is supposed to take advantage of development opportunities presented by the China-Japan-Korea free trade zone in the province. Hilton, which entered China in 1988, runs 25 hotels and aims to have 100 hotels in the country expected to be Hilton’s biggest market after the US by 2014.