BlackRock-Backed Matarani Port to expand amid rising Peru-China rivalry

Peru’s Matarani port, co-owned by BlackRock, secures $700M expansion approval to boost copper exports and counter China’s growing influence in Latin American infrastructure.

The Matarani Port in southern Peru, co-owned by BlackRock Inc., has secured government approval for a $700 million expansion, strengthening its position as Latin America’s leading copper-shipping hub and intensifying competition with Chinese-backed port projects along Peru’s coast.

Expansion secures long-term control

Operator Terminal Internacional del Sur (Tisur) confirmed that the Peruvian government approved new infrastructure investments through a decree issued this month, granting a 30-year extension of Tisur’s concession. The move allows the company to proceed without a competitive tender for operating rights.

The expansion will boost capacity to handle copper exports from several large mining operations as Peru — the world’s third-largest copper producer — brings new projects online.

“This expansion is essential to maintain our leadership in copper logistics,” said Mauricio Nuñez del Prado, general manager of Tisur. “There’s undoubtedly a geopolitical element in how the big investments in Peruvian ports have been taking place.”

BlackRock strengthens strategic presence

The green light marks a major milestone for Global Infrastructure Partners (GIP), BlackRock’s infrastructure arm, which acquired a 50% stake in Tisur in 2023. The investment reinforces the U.S. fund’s foothold in Peru’s strategic logistics network as it competes with rising Chinese influence in Latin American infrastructure.

China is currently financing two major projects — the $1.3 billion Chancay port north of Lima and the San Juan de Marcona port, located about 280 miles north of Matarani.

A crucial hub for Peru’s copper giants

Matarani serves as the key export outlet for mining companies such as MMG Ltd. (Las Bambas), Freeport-McMoRan Inc., Glencore Plc, and Hudbay Minerals Inc. It is also preparing to handle production from upcoming projects by Teck Resources Ltd. and Southern Copper Corp.

Las Bambas — Matarani’s main Chinese client — is reportedly evaluating alternative ports, including San Juan de Marcona. However, in a recent statement, the company said it has no immediate plans to change logistics operations, noting that “any future changes would be evaluated against commercial considerations.”

Nuñez del Prado acknowledged that Matarani’s current contract with Las Bambas expires in 2029, but expressed confidence in renewing it by offering competitive terms. “It will always be their prerogative — either for economic or geopolitical reasons — to seek alternatives,” he said.

Strategic advantage in integrated logistics

According to Tisur, Matarani’s integrated infrastructure — which connects truck and rail networks directly to the port — gives it a unique competitive edge.

“There’s no other installation like this in the world that handles copper from five medium-to-large mines in one place,” Nuñez del Prado emphasized. “That level of integration allows us to deliver efficiency, safety, and scale unmatched by any other port in the region.”