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By Han Wei / Jan 25, 2019 04:31 AM / Business & Tech

Photo: VCG

Photo: VCG

COSCO Shipping Ports (CSP), a unit of China’s COSCO Group, agreed to invest $225 million to acquire a 60% stake in the port of Chancay in Peru, marking the state-owned shipping giant’s first foray into South America.

CSP bought the stake from Volcan Compania Minera SAA and will partner with the Peruvian mining company in development, construction and operation of the port, the companies said late Wednesday.

Located 58 kilometers north of the Peruvian capital Lima, Chancay is a deep-water port with easy access to the economic center of Peru. CSP said it is set to build 10 berths in two phases of construction. The first stage will include six berths that are to start operation by 2022.

It is the second major investment in South American ports by China’s state shipping companies. Last year, China Merchants Port bought a 90% stake in Port Terminal of Paranagua, Brazil's most profitable port terminal, for HK$7.2 billion ($924 million).

Related: China Merchants Group Acquires 90% of Brazilian Port Operator

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