Chinese company buys 60% stake in Peru port

COSCO Shipping Ports Ltd has reached an investment agreement with Volcan Compa?��a Minera SAA, a Peruvian polymetallic miner, to acquire 60 percent of its stake in Terminales Portuarios Chancay SA for $225 million.

With an initial payment of $56 million, this deal was sealed in Davos, Switzerland, on Wednesday, the Chinese company said in a statement on Thursday.

After the acquisition, Chancay terminal will become the first terminal project controlled by China COSCO Shipping Corp - the parent company of Hong Kong-headquartered COSCO Shipping Ports - in South America, as well as the group's second greenfield port project invested overseas.