SOUTH AMERICA

Major investment in Chancay and Ilo

8 years ago

The Chinese ambassador in Lima has stated that Cosco Shipping Holdings is to build and manage the Port of Chancay, which is located some 58 kilometres north of the Peruvian capital. It will invest $2bn.

Chancay already has a port operation handling both zinc and silver. The operations company Volcán revealed at the end of April that it was looking for a strategic partner to develop the port.

The expansion of the neighbouring Toromocho mine will increase production by 45% by 2020.

Separately, the Peruvian government is to invest $16m to attract Bolivian cargo to the Port of Ilo, and also ensure the country is integrated into the so-called inter-oceanic corridor project, linking Brazil with the Pacific.

According to the Ministry of Transport & Communications, all efforts are being focused on Ilo in the medium to long term as the terminus for the proposed corridor, as well as shorter term initiatives to attract cargo to the port.