infrastructure to handle rising exports from mines coming online in the world’s No. 3 copper producer, according to operator Terminal Internacional del Sur SA, or Tisur. The upgrade, authorized under a decree this month, forms part of a 30-year extension of Tisur’s concession, allowing it to bypass a competitive tender for the operating rights.
The green-light marks a major boost for a company in which BlackRock’s Global Infrastructure Partners arm acquired a 50% stake in 2023, and positions Matarani to better compete with Chinese-backed ports in Peru. Chinese groups are developing the $1.3 billion Chancay port north of Lima and were awarded the San Juan de Marcona project, 280 miles north of Matarani.
“There’s undoubtedly a geopolitical element in how the big investments in Peruvian ports have been taking place,” Tisur General Manager Mauricio Nuñez del Prado said in an interview.
Matarani serves Las Bambas, owned by China’s MMG Ltd., as well as operations run by Freeport-McMoRan Inc., Glencore Plc, and Hudbay Minerals Inc. The port aims to handle copper from projects by Teck Resources Ltd. and Southern Copper Corp. that are expected to start producing later this decade.
Las Bambas, Matarani’s main Chinese client, has indicated it’s evaluating alternatives, including the planned San Juan de Marcona port. “Las Bambas is actively conducting studies around the San Juan port area,” the company said in a presentation earlier this year.
Nuñez del Prado said the Las Bambas contract with Matarani expires in 2029, and the port hopes to renew it by offering competitive terms. “It will always be their prerogative — either for economic or geopolitical reasons — to seek alternatives,” he said.
In a response to questions, Las Bambas said it currently has no plans to change ports but regularly reviews logistics to optimize shipments and mitigate community impacts along Peru’s Southern Road Corridor. “Any future changes would be evaluated against commercial considerations,” it said.
Nuñez del Prado said Matarani’s integrated infrastructure gives it a logistical edge.
“There’s no other installation like this in the world that handles copper from five medium-to-large mines in one place,” he said, citing the combination of truck and rail links that deliver concentrate directly inside the port.
(Bloomberg, October 10, 2025)