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COSCO Shipping Ports buys 60 percent stake in Peru port

Staff Writer |
COSCO Shipping Ports has reached an investment agreement with a Peruvian polymetallic miner to acquire 60 percent of its stake in a terminal project for 225 million U.S. dollars.

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With an initial payment of 56 million U.S. dollars, the deal was sealed in Davos, Switzerland on Wednesday, according to the company.

After the acquisition, Terminales Portuarios Chancay SA will become the first terminal project controlled by China COSCO Shipping Corp, the parent company of Hong Kong-headquartered COSCO Shipping Ports in South America, as well as the group's second greenfield port project invested overseas.

Volcan, the Peruvian polymetallic miner, is engaged in the exploration and production of zinc, copper, gold, silver and lead in Peru's Sierra Central region.

Located at Chancay Harbor in central Peru, about 58 kilometers from the country's capital Lima, Chancay terminal boasts an exceptional geographic location and is conveniently connected with the economic center of Peru.

Economic growth of Peru has continued in recent years; container throughout of Peru in 2017 has increased to 2.5 million TEU from 1.5 million TEU in 2010.

About 60% of Peru's economic activities are concentrated in Lima and its surrounding areas, and thus, the favourable geographic location of Lima is of strategic importance.

Port of Chancay is a natural deep-water harbour with a maximum of 16 meters water-depth and is capable of satisfying the needs of mega vessels.

The construction of Chancay Terminal includes multi-purpose terminals, container terminals and related infrastructure facilities.

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