CSN Mineração to raise US$290mn for port terminal expansion
The board of CSN Mineração, the mining arm of Brazilian steel group CSN, authorized the company to raise 1.40bn reais (US$290mn) for the issue of local bonds, known as debentures.
The proceeds will be used to finance the expansion of the company's iron ore-focused Tecar terminal at the port of Itaguaí, in Rio de Janeiro, the company said in a statement.
The expansion is part of the first phase of an investment plan worth 12bn reais to boost iron ore production and become the fifth largest producer in the world.
The company said it will sell the securities with maturities of 10 years and 15 years, and they will be issued as infrastructure debentures, which offer tax exemptions for investors.
CSN Mineração is one of the mining companies in Brazil with the most aggressive expansion plans.
With a current annual production of around 37Mt, the goal for the first phase of the investment plan is to reach 69Mt in 2026. The goal for the second phase is to increase output to 116Mt in 2032.
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