Peru is doubling down on China.

One year after the $3.5 billion Chancay megaport - a joint project between Cosco Shipping and Peru's Volcan - opened north of Lima, the government is openly courting more Chinese capital for mining and energy.

Gonzalo Talavera, Peru's charge d'affaires in Beijing, and Ambassador Carlos Vasquez both said this week that Peru wants to move beyond just shipping raw copper to China. The country is looking for investment in infrastructure, clean energy, and value-added manufacturing like battery production.

And China is already deeply embedded.

Chinese firms control Peru's biggest copper engines. MMG, owned by China Minmetals, runs Las Bambas. Chinalco runs Toromocho. Together, their production grew 754% since 2014, almost ten times faster than the rest of Peru's copper industry. Peru now produces about 2.8 million tons of copper a year, up from 1.37 million in 2014.

New money is still coming:

- *Zijin Mining* just announced a $1.5 billion expansion of its La Arena copper and gold mine, extending its life by 19 years.

- *Zoomlion*, the Chinese heavy-machinery giant, started selling mining trucks in Peru in early 2026 and expects 40 85-ton trucks sold this year, with 100-ton hybrid trucks already in testing. Its Peru revenue is up 168% versus all of 2025, and it wants Peru as its regional mining hub.

- In April, Peru awarded the new San Juan de Marcona port terminal - crucial for iron ore and copper exports - to Chinese-backed investors.

Why now? Chancay proved the model. In its first full year in 2025, the port handled 270,000 TEUs and 1.36 million tons of cargo, beating forecasts, and cut shipping times between Asia and South America by 10-12 days. About 40% of its cargo now comes from Chile, Colombia and Ecuador - making it a regional gateway.

Peru has a $110 billion infrastructure gap, according to its own National Plan, and China leads the world in exactly what Peru needs: rail, ports, solar, and grid tech. Cumulative Chinese mining FDI in Peru from 2000-2024 already reached $20.1 billion, the highest in Latin America.

The government is sweetening the deal with a new special economic zones framework offering tax incentives for investors who help build local processing, not just extraction.

Peru insists it is maintaining "strategic autonomy" between the US and China. US firms like Newmont, Freeport-McMoRan, and Southern Copper, which plans $10.3 billion in projects like Tia Maria and Michiquillay, remain key players. But for now, the momentum is clearly eastward.

"We would like to move into a new phase of our economic bilateral relations, with an emphasis on developing the manufacturing sector, with a contribution from China," Vasquez said.

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