COSCO Shipping Ports completed the acquisition of a 60% stake in Terminales Portuarios Chancay, a Peruvian company engaged in port-related activities and other marine services, from Volcan Compañía Minera, a Peruvian polymetallic miner, for $225m. After the acquisition, Chancay terminal will become the first terminal project controlled by China COSCO Shipping － 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 two companies will make full use of their advantages to build Chancay terminal into a key hub in South America, the most important logistics center on the Pacific coast, and a major platform that serves bilateral trade," Zhang Wei, COSCO Vice-Chairman.