Cosco Shipping Ports investing $225m in Peru’s Chancay terminal

Cosco Shipping Ports and Peruvian mining company Volcan Compañía Minera have entered into the subscription and investment agreement with Terminales Portuarios Chancay (TPCH), the Chinese company’s first investment in South America.

The subscription price is $225m and upon closing Cosco will hold 60% of the shares and Volcan will hold 40% of the shares in TPCH. Cosco Shipping Ports will partner with Volcan to build Chancay terminal into an important gateway port in Peru.

Located 58km in the north of the Peruvian capital of Lima, port of Chancay has an easy access to the economic centre of Peru. TPCH currently focuses on the design, development, and construction of the terminal at port of Chancay and will be engaged in its operation and management after the completion of construction.

Zhang Wei, vice chairman and managing director of Cosco Shipping Ports, said at the signing ceremony at Davos, Switzerland, “The investment in Chancay terminal enabled us to further extend our reach to South America. The prospective terminal at Port of Chancay will be the company’s first terminal in South America and should help reduce the deficiency in port infrastructure in Peru.”

Cosco Shipping Ports’ current terminals portfolio covers the five main port regions in Mainland China, Southeast Asia, Middle East, Europe and the Mediterranean.

Posted 24 January 2019
Katherine Si

China Correspondent

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