Monday, 18 Jul 2011
Brazilian iron ore company Minerinvest Mineracao Ltda is negotiating a joint venture with a European steelmaker and a European bank to mine two iron ore deposits in Brazil's Minas Gerais state
MMX Mineracao e Metalicos signed an agreement with Minerinvest to purchase and export ore to be produced by the new mining company.
Mr Roger Downey CEO of Brazilian iron ore mining company MMX Mineracao e Metalicos SA said that Minerinvest is very well backed in terms of funding, support and offtake by an international group of more than one nationality.
Mr Downey said that "There's certainly one European steelmaker and one European bank involved.”
Minerinvest is drilling for iron ore at two sites in Minas Gerais state, southeast Brazil, and is expected to develop production capacity of 10 million tonne a year of iron ore from 2013.
According to a preliminary accord struck between MMX and Minerinvest, MMX will ship five million tonne a year of Minerinvest iron ore via its Sudeste port in Rio de Janeiro state from 2013, of which two million tons a year will be directed to a European steelmaking partner.
(Sourced from Dow Jones Newswires)
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