Peru awards China's Jinzhao $405 million port construction contract [Reuters]
COSCO SHP HLDG UNSP/ADR (CICOY)
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Source: Reuters
As part of the deal, Jinzhao Peru will receive a concession to operate the port for 30 years, according to the head of state investment agency Proinversion, Jose Salardi. "We hope that construction begins by the end of 2025 or beginning of 2026, with the first phase of the port coming online around two years later," Salardi told Reuters after the event. With the project, Jinzhao will become the second Chinese firm to build and operate a port in Peru, one of the world's top copper producers. In the north of Peru, a subsidiary of Chinese firm Cosco Shipping Ports is (1199.HK) , opens new tab building a "megaport" set to kick off operations at the end of this year. Jinzhao's port, in the southern region of Ica, is near its Pampa de Pongo iron project, set to require a $2.34 billion investment in its "pre-feasibility stage." The port will transport bulk goods as well as iron concentrate and copper, according to Proinversion. In total, it will reactivate mining projects worth
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- UPDATE 1-Peru's PM says China-built megaport should launch this year after dispute [Yahoo! Finance]Yahoo! Finance
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- Chinese Lenders Raise Concerns About $1.3 Billion Peru Port Deal [Yahoo! Finance]Yahoo! Finance
- Chinese Lenders Raise Concerns About $1.3 Billion Peru Port Deal [BNN Bloomberg (Canada)]BNN Bloomberg