Volcan’s Board of Directors announced the main agreements reached today in its board of directors, such as the financing of almost one billion dollars for the construction of the port terminal. Here the details.
The Chancay Megaport has just received new financing for its development. The mining company Volcan, in its recent Board meeting, agreed to grant financing of up to US$975 million to Cosco Shipping Ports Chancay Perú, the company in charge of the construction of the port terminal.
The fact was notified in a letter to the Superintendence of the Stock Market (SMV) last Friday night. Management also approved the signing of an addendum to the Third Supplemental Agreement to the Shareholders’ Agreement signed with Cosco Shipping Ports (Chancay) Limited; Cosco Shipping Ports Limited and Cosco Shipping Ports Chancay Peru.
The guarantees to be granted for the financing for the development of the Chancay Multipurpose Port Project were also approved. “Volcan is very pleased with the approval of these documents that constitute a milestone in the development of the Chancay Multipurpose Port Project,” said Carlos Francisco Fernández Navarro, General Manager of the mining company.
Volcan’s Board of Directors approves financing of up to US$ 975 million for the port of Chancay
As recalled, four years ago the Volcan mining company and the Chinese company Cosco Shipping Ports Limited signed the agreement for the construction of 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 subsidiary in the country that is Chancay Limited will have 60% of the shares of Terminales Portuarios Chancay, while Volcan will maintain ownership of the remaining 40%.
Therefore, the project is highly important not only for Peru, but for the entire South American region. The work aims to become a regional hub and will redistribute cargo to other nearby 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, there is an estimated total investment projection of over 3,600 million dollars.
As previously reported in Peru Retail, the progress of the project is almost 30%. Its operations are expected to start between October and December 2024. The megaport will be used for the output of raw materials such as copper and other minerals that the region exports to China; however, priority will be given to the country’s agricultural products.
Therefore, it will be conceived as a multipurpose work. Likewise, it is projected to receive and embark the largest ships in the world, those that have the capacity to transport 18,000 containers.
Peru-retail.com