Peruvian port developer Terminales Portuarios Chancay (TPC), a unit of local miner Volcan, has broken ground on a new multipurpose port to be built in the city of Chancay, around 80km north of capital Lima.

The required investment in the major infrastructure project is estimated at approximately US$1.9bn, with works set to be carried out in seven stages over a 17-year period, local newspaper Gestión reports.

The port is to be fitted with infrastructure capable of storing and handling container and refrigerated cargo, liquid and dry bulk goods, automobiles and minerals. The port will also include a rail service that will directly enter the port complex.

First stage works, which are estimated at US$480mn, include the construction of a tunnel to run under the city that will serve as the access to the port complex. The works will be carried out over a 30-month period.

In total the Chancay port complex will cover an area of around 90ha, double that of Peru's largest port Callao, which covers around 46ha, the daily said.

Volcan reported first quarter net income of US$19.3mn, up 50% year-on-year as a result of production increases and cost-cutting measures, the miner said.


Source: BNamericas