Brazil iron ore producer Itaminas to invest US$250mn through 2033
Brazilian iron ore producer Itaminas confirmed plans to invest 1.5bn reais (US$246mn) through 2033.
The focus will be the company’s Novos Tempos project in Sarzedo, Minas Gerais state.
The project involves production of high-content iron ore to support the reduction of carbon emissions in steel production, as it is more efficient and less polluting.
Itaminas plans to increase the average iron content of its ores from 62.5% to 67%, Minas Gerais state government said in a release.
As part of the investment plan, the firm will also build a rail terminal in Sarzedo, which is expected to be completed by the end of 2029 and will have capacity to handle 20Mt/y of ore.
Antitrust body Cade recently approved the sale of Itaminas. The firm, formerly controlled by Brazil’s Paz family, was acquired by Brazilian business group AVG in a deal worth 2.2bn reais.
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