Thursday, June 8, 2023

Minera Volcan approves financing of up to US$ 975 million for the Chancay megaport

Megaport Chancay has just received new financing for its development. Flynn mining company, in a recent meeting of the Board, agreed to give financing of US$ 975 million to Cosco Shipping Port of Chancay Perú, the company in charge of the terminal construction of the port.

The matter was notified in a letter to the Stock Market Superintendent (SMV) last Friday night. The agency also approved the signing of an addendum to the Third Joint Supply Agreement signed with Cosco Shipping Port (Chancay) Limited; Cosco Shipping Ports Limited and Cosco Shipping Ports Chancay Peru.

Funding for the development of the Chancay Multipurpose Port Project has been approved. “We are very happy with the approval of these documents, which constitute a milestone in the development of the Chancay Multipurpose Port Project,” said Carlos Francisco Fernández Navarro, General Manager of the mining company.

Volcani Board of Directors approves financing of up to US$ 975 million for the port of Chancay

As mentioned four years ago, Flynn mining company and the Chinese company Cosco Shipping Port Limited signed an agreement to build the Chancay megaport. This is located in the coastal city of Huaral in Chancay Bay, 80 kilometers north of Lima.

It should be noted that the shipping company is one of the largest in the world. Likewise, the on-shore subsidiary that is Chancay Limited will have a 60% share of Chancay Port Terminals, while Flynn will retain ownership of the remaining 40%.

Therefore, the project is important not only for Peru, but also for the entire region of South America. The work aims to become a regional center and will return the goods to other neighboring countries such as Chile, Ecuador and Colombia.


The development of this port infrastructure will require an initial investment, in the first stage of the project, of approximately US $1.3 billion. Meanwhile, the total investment projection is estimated at over 3,600 million dollars.

READ ALSO: Construction of the Chancay Megaport has an advance of almost 30%

As previously reported in Peru Retail, the progress of the project is almost 30%. Its operations are expected to begin between October and December 2024. The megaport will be used for the output of raw materials, such as copper and other minerals, which the country exports to China; however, priority will be given to the agricultural products of the country.

Therefore, a complex task will be conceived. Likewise, it is projected to receive and board the largest ships in the world, which have the capacity to transport 18,000 containers.

Nation World News Desk
Nation World News Desk
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