Marcona Port: Peru Unblocks US$404.8 Million Chinese-Run Terminal
PERU · INFRASTRUCTURE
Key Facts
- —What happened ProInversión and Shougang Hierro Perú signed a land agreement on Thursday 24 September 2026.
- —What it unblocks A US$404.8 million port concession won by China’s Jinzhao group, suspended since 16 April.
- —The deal Shougang will not exercise mining rights inside the port area, and the land stays with the transport ministry.
- —Timing Construction should start in 2027, with the first stage taking about two years, the minister said.
- —The catch Sources differ on the first stage’s cost, from US$127 million to more than US$271 million.
- —Why it matters The terminal would mainly ship iron and copper concentrates from Jinzhao’s Pampa de Pongo project.
A land deal with Shougang frees the site for a new Marcona port on Peru’s southern coast, five months after it stalled.
Peru has cleared the main obstacle to a new Marcona port on its southern coast. A land deal signed on Thursday 24 September clears the way for a US$404.8 million terminal run by China’s Jinzhao to resume.
The deal was struck between ProInversión, Peru’s investment promotion agency, and Shougang Hierro Perú. The Chinese-owned iron miner held mining rights over part of the site.
Shougang has mined iron at Marcona since 1992, when it bought the state company Hierro Perú. It ships its ore through its own port at San Nicolás.
Why the Marcona Port Was Stuck
The concession contract with San Juan Port S.A., part of the Jinzhao group, was signed on 31 March. It was suspended on 16 April because the project area could not be handed over.
Part of that land lay inside Shougang’s mining concessions. Under the new agreement, Shougang commits “expressly and bindingly” not to exercise or assert those rights within the port area.
The transport ministry, known as MTC, keeps title to the land. The deal allows the suspension to be lifted, the site to be delivered and engineering work to begin.
The standoff was physical as well as legal. During the handover on 16 April, Shougang staff blocked access to the site, the business weekly SEMANAeconómica reported.
ProInversión and the MTC argued the land had belonged to the state since 1948, before the Marcona mining concessions. Shougang said its surface rights from those concessions overlapped the port area.
A longer delay could have triggered a clause allowing the contract to be terminated, SEMANAeconómica warned in July. ProInversión called that risk low at the time.
What Will Be Built
The concession runs for 30 years. It covers the design, financing, construction, operation, maintenance and eventual transfer of a multipurpose terminal.
The full project includes two docks, three berths and equipment for bulk, general and container cargo, EFE reported. The first stage covers a pier with two berths, an access bridge, storage and loading systems, according to Gestión.
Estimates for that first stage differ. Gestión put it at more than US$271 million.
Reuters quoted Transport Minister José Tangherlini as saying US$200 million, while Canal N quoted him citing US$127 million.
Construction should begin next year and take roughly two years for the first stage, Tangherlini said. The terminal is expected to become Peru’s third-largest port, Reuters reported.
Jinzhao has already filed a third technical report with Senace, the environmental certification agency, Gestión reported in May. It proposes design changes worth about US$6 million.
These include two conveyor belts able to move 3,050 tonnes an hour.
The Mining Connection
The port will mainly ship iron and copper concentrates from the planned Pampa de Pongo mine, Gestión reported. It will also handle general cargo, containers and supplies for mining projects.
Pampa de Pongo is Jinzhao’s iron project in southern Peru, with a planned investment of US$1.781 billion. The port is part of the company’s wider plan for the area.
Reuters said Jinzhao would be the second Chinese company to build and run a port in Peru, after Cosco Shipping Ports. Cosco has operated the Chancay megaport north of Lima since late 2024.
Shougang’s San Nicolás dock is a private terminal for its own ore rather than a public port concession.
What Officials Said
Luis Del Carpio heads ProInversión. He said the deal “opens the way” for the investment to become “infrastructure, jobs and new opportunities for families in the south”.
Tangherlini said the terminal will serve 29 provinces and 280 districts in Ica, Ayacucho, Arequipa, Apurímac and Cusco. It will offer a new logistics option for the south’s productive activities and mining projects, he added.
The project also includes a social fund equal to 3% of gross revenue. It will pay for social activities in Marcona district and Nazca province, EFE reported.
The Doubts
Not everyone is convinced. When the contract was signed, La República questioned how much the port would do for the region beyond mineral exports.
The government has promised 1,500 direct and indirect jobs in the first five years. ProInversión estimates the 3% fund will raise more than 290 million soles (about US$85 million) over 25 years.
The newspaper said such funds often lack clear guarantees on how the money is spent. It also noted that the contract was ProInversión’s first as the granting authority, a new role for the agency.
Why It Matters If You Invest in Peru
For investors, the deal clears the way to unfreeze a concession that had been stuck for five months. It also deepens China’s role in Peru’s port network, after Chancay.
For southern regions such as Apurímac and Cusco, the terminal promises a new route to the sea for mineral and other cargo. Peru is one of the world’s biggest copper producers, Reuters noted.
The ministry calls the project a matter of public necessity and utility.
What Comes Next
Watch for the formal lifting of the contract suspension and the handover of the site to San Juan Port. Engineering studies and permits come next, with construction targeted for 2027.
Sources: Gestión, MTC on the Marcona port, 24 September 2026; EFE via Infobae, Shougang agreement, 24 September 2026; SEMANAeconómica, the land dispute behind the suspension, 19 July 2026; Canal N, Tangherlini on the first-stage investment, 24 September 2026; Gestión, Jinzhao design changes, 14 May 2026; La República, doubts over the port’s impact, 3 April 2026; Reuters via La Nación, Jinzhao construction timeline, 24 September 2026. Exchange rate: mid-market rate of 25 September 2026 (open.er-api.com), 3.40 soles per US dollar.
Frequently Asked Questions
What is the Marcona port project?
It is a new multipurpose terminal at San Juan de Marcona in Ica, southern Peru, with estimated investment of US$404.8 million. San Juan Port S.A., part of China’s Jinzhao group, holds a 30-year concession.
Why was the Marcona port suspended?
The concession, signed on 31 March 2026, was suspended on 16 April because the land could not be delivered. Part of it lay inside Shougang Hierro Perú’s mining concessions.
When will construction start?
Transport Minister José Tangherlini said construction should begin in 2027. The first stage should take about two years.
What will the port ship?
Mainly iron and copper concentrates from the Pampa de Pongo mine. It will also handle general cargo, containers and mining supplies.
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