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Peruvian miner Volcan's US$3.6bn Chancay megaport advancing

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Peruvian miner Volcan's US$3.6bn Chancay megaport advancing

Work on Peruvian polymetallic miner Volcan's US$3.6bn Chancay megaport north of Lima is advancing.

According to Volcan's recently published Q3 report, 450m of the 1.8km underground viaduct are finished, while the port’s operational area is over 20% complete and excavation has started for the access.

Of the main breakwater, 1.3km, or 49%, have been completed, while a secondary one is finished. Construction of the 220kV electric transmission line’s substation has begun.

Volcan has a 40% stake in China’s Cosco Shipping Ports' Peruvian subsidiary, which is building the terminal. Initial investment in the infrastructure amounted to US$1.3bn.

Overall progress was 20% in mid-October. Operations should start in 4Q24.

Earlier this month, the transportation and communications ministry (MTC) transferred 284mn soles (US$73mn) to the comptroller general to facilitate monitoring and control of major infrastructure projects, such as the Chancay port and the Lima and Cusco airports.

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