SÃO PAULO, BRAZIL — COFCO International has started construction on the STS11 agriculture terminal at the Port of Santos in Brazil that will expand its capacity from 3 million to 14 million tonnes.

Operations are scheduled to start in phases between 2025 and 2026, the company said.

COFCO was awarded the 25-year concession for the terminal at a government auction in March 2022. As part of the lease agreement, COFCO will invest in the modernization and expansion of the terminal facilities.

The Port of Santos, located on the São Paulo coastland, is the largest in Latin America connecting more than 600 ports in 125 countries. It is also one of the most important foreign trade routes in Brazil with almost 27% of the country’s trade balance passing through, according to Santos Port Authority.

A groundbreaking ceremony on Aug. 8 was attended by representatives from the Santos Municipal Government, Santos Port Authority and other Chinese companies in Brazil.

The project will bring more jobs to Santos, provide Brazilian farmers more choices and support local communities across the country for the long term.