CVRD signs lease on Belgo-Mineira iron ore mine
Bnamericas Published: Monday, November 29, 2004
Brazilian resources giant CVRD (NYSE: RIO) has signed a 40-year lease to operate and explore the Andrade iron ore mine belonging to fellow Brazilian iron and steel company Belgo-Mineira, a CVRD spokesperson confirmed to BNamericas. CVRD will take over operations at Andrade on January 1, 2005, and will begin both production and exploration at the site. Current production at Andrade is 1.5Mt/y of iron ore but CVRD said it wants to expand that.
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