COSCO Shipping Ports Ltd has reached an investment agreement with a Peruvian polymetallic miner to acquire 60 percent of its stake in a terminal project for 225 million U.S. dollars, China Daily reported Friday.
With an initial payment of 56 million U.S. dollars, the deal was sealed in Davos, Switzerland on Wednesday, according to the company.
After the acquisition, Terminales Portuarios Chancay SA 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, the newspaper reported.
Volcan, the Peruvian polymetallic miner, is engaged in the exploration and production of zinc, copper, gold, silver and lead in Peru's Sierra Central region.
Located at Chancay Harbor in central Peru, about 58 kilometers from the country's capital Lima, Chancay terminal boasts an exceptional geographic location and is conveniently connected with the economic center of Peru.