China’s Jinzhao wins $405m port construction contract
25 March 2024
A subsidiary of Chinese company Jinzhao has won a contract to build a port in the south of Peru.
Close-up of an open-pit copper mine in Peru (Image: Jose Luis Stephens via AdobeStock - stock.adobe.com)
Jinzhao Peru will receive a 30-year concession to operate the port, according to the head of Peruvian state investment agency Proinversion, Jose Salardi, who was talking to Reuters.
The port, located in the southern region of Ica, will receive a US$405 million investment. It is near the Pampa de Pongo iron project, which is itself 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.
“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.
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 building a “megaport”, which is due to start operating at the end of this year.
