Bloomberg Europe Commodity Day Ahead: China Buys Zinc, Invests in Peru

Feb. 25 (Bloomberg) -- China, the world’s biggest producer of zinc, agreed today to buy $168 million of the metal from domestic smelters, and plans to increase purchases to almost a month’s worth of national production, a company executive said.

Mining companies including Aluminum Corp. of China, China Minmetals Corp. and Shougang Corp. will invest $2.78 billion this year in Peru’s mining industry, doubling last year’s investments, as they seek copper and iron-ore deposits, Energy & Mines Minister Pedro Sanchez Gamarra said.

INDUSTRIAL METALS, MINING

China Said to Plan to Raise Zinc Purchases to a Month’s Output. China, the world’s biggest producer of zinc, agreed today to buy $168 million of the metal from domestic smelters, and plans to increase purchases to almost a month’s worth of national production, a company executive said.

Peru’s Mining Industry Will Double Spending in 2009. Peru’s mining industry will double investments this year as companies develop copper and iron-ore deposits, Energy & Mines Minister Pedro Sanchez Gamarra said. Mining companies including Aluminum Corp. of China, China Minmetals Corp. and Shougang Corp. will invest $2.78 billion this year, up from $1.4 billion in 2008, Sanchez told a congressional panel today. more...