Green light for Brazilian iron ore firm Cedro to build US$260mn railroad
Brazilian transport regulator ANTT authorized Cedro Participações, the holding company of iron ore firm Cedro Mineração, to build and operate a railway connecting Mário Campos and Mateus Leme municipalities in Minas Gerais state.
The company will have the rights to operate the stretch for 99 years, ANTT said in a statement published in the country's official gazette.
“The construction of the new railway branch, with the potential to remove around 5,000 trucks per day from Minas Gerais roads, involves planned investments of 1.5bn reais [US$260mn] and the create thousands of jobs," Eduardo Couto, legal and institutional VP of Grupo Cedro Participações, said in an interview with local news website Itaitiaia.
According to the executive, the railway will have an extension of 26km and will have capacity to transport 25Mt of iron ore per year.
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