Chinese firm Jinzhao will begin construction of a $405 million port in southern Peru in 2027, Peruvian Transportation Minister Jose Tangherlini said on Thursday.
The project, set to become Peru's third-largest port, will proceed after the government secured a land-transfer deal with Shougang Hierro Peru.
Construction is expected to last approximately two years in its first stage, with an initial investment of $200 million, Tangherlini said.
Under the agreement, signed with state investment promotion agency Proinversion, Shougang — which held a concession over part of the land — committed to not exercising its mining rights within the project area.
The port is part of Jinzhao's broader development plan that includes the Pampa de Pongo iron ore project in southern Peru, with an investment of $1.78 billion.
Jinzhao will become the second Chinese company to build and operate a port in Peru, one of the world's largest copper producers.
Cosco Shipping Ports' Peruvian subsidiary has operated the Chancay "megaport" in northern Peru since late 2024, which is becoming a hub on the South American Pacific coast.
(Reporting by Marco Aquino; Editing by Kylie Madry)