A Latin American copper-shipping hub co-owned by BlackRock Inc. has received government approval for a $700 million expansion. The Matarani port in southern Peru will invest in new infrastructure to manage rising exports from new mines. This approval is part of a 30-year extension of the operating concession for Terminal Internacional del Sur SA (Tisur), in which BlackRock's Global Infrastructure Partners arm acquired a 50% stake in 2023. The expansion is seen as a strategic move to better compete with Chinese-backed ports in Peru and to retain key customers like the Las Bambas mine, owned by China's MMG Ltd. The port serves several major mining companies, including Freeport-McMoRan Inc., Glencore Plc, and Hudbay Minerals Inc.