Aluminum Corp. of China, the nation's biggest producer of the metal, plans to invest $2.16 billion in a copper mine in Peru.

The Toromocho project will boost copper exports from Peru by 25 percent and create 5,000 construction jobs, Peruvian President Alan Garcia said today at a contract-signing ceremony. Chinalco, as the Chinese company is known, originally had said it would invest $1.5 billion in the project.

``Toromocho, the largest mining project in Peru, will make it possible to build more copper refineries and increase fine- metal production,'' Garcia said. ``Annual spending of $250 million on local goods and services will also make our economy more dynamic.''

China, the world's biggest copper consumer, is seeking supplies of mineral resources outside its borders because of concerns that shortages threaten its manufacturers. China's economy grew 11.9 percent in 2007, the fastest pace in 13 years, fueling demand for raw materials.

China Development Bank will finance the project, Chinalco Chief Executive Officer Xiao Yaqing said today. Toromocho, located 140 kilometers (87 miles) east of Lima, is expected to produce 210,000 metric tons of copper a year by 2012, he said.

``With 1.5 billion tons in reserves, the mine could produce for 30 years,'' Xiao said. ``Toromocho is a strategic part of Chinalco's investment plans abroad.''

Mining Investments

The project is part of $13 billion in mining investment commitments that will triple Peru's annual copper production by 2012, Energy and Mines Minister Juan Valdivia said. Peru, the world's third-largest copper producer, mined 1.2 million tons of the metal last year.

Aluminum Corp. of China Ltd.'s American depositary receipts, each representing 25 ordinary shares, rose 51 cents, or 1.2 percent, to $43.11 today in New York trading.

Copper futures for July delivery gained 12.7 cents, or 3.3 percent, to $3.9475 a pound on the Comex division of the New York Mercantile Exchange. The metal has gained 29 percent this year.