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Peru Awards $405 Million Port Construction Contract To Chinese Firm Jinzhao
The government of Peru has given the contract to build San Juan de Marcona, the nation’s third-largest port, in Ica on the southern coast. The contractor is a division of the Chinese company Jinzhao.
The $405 million project is expected to begin by the end of 2025, and the first phase will be operational two years after that, according to Jose Salardi, head of Proinversion. As per the agreement, Jinzhao Peru will plan, finance, and construct the port. It will also obtain a 30-year concession for its maintenance and operation.
The multipurpose port’s objective is to stimulate $15 billion in mining investments in Peru’s southern regions, thereby improving logistics for cities such as Cusco, Arequipa, Ayacucho, Ica, and Apurimac.
It especially backs the $2 billion Pampa de Pongo iron ore mining project, a Jinzhao enterprise that, when fully operational, is expected to account for more than half of Peru’s seaborne iron exports.
The port will have an annual capacity of 19 million tons, which will compete with the throughput of Callao and Chancay ports, which each handle 30 million tons annually. It will have two docks capable of handling dry bulk, containers, general, and liquid cargo.
This is the second large Chinese investment in Peruvian ports after COSCO’s $3 billion Chancay Multipurpose Port Terminal project. The COSCO plan, which will begin operations in 2025, includes two terminals: one for bulk and general cargo and one with 11 berths for containers. It is expected to revolutionize trade along the west coast of South America.
During a recent conference call with the Port of Los Angeles, the regional head of APM Terminals, Leo Huisman, emphasized that COSCO’s investment could revolutionize the industry. He saw an abrupt shift in how smaller ports in Ecuador, Peru, and Chile were serviced, with the new port’s cutting-edge capabilities changing the region’s long-standing shipping dynamics.
Reference: Reuters
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