Facing a series of challenges to raise money to fund its projects, Australia-based mining company Centaurus Metals said it could sell its iron ore assets in the state of Minas Gerais, Brazil, according to media reports.
Reports indicated that the company is alternately looking for investors for its Jambreiro iron ore project in Sao Joao Evangelista, in the state of Minas Gerais, but have not found a partner so far.
According to the company, Jambreiro is a “flagship project”, which started as a 1 million mt/year operation but is fully permitted to produce 3 million mt/year of iron ore.
Media reports say the project is expected to receive $47 million in investments, but has been delayed as a result of a negative scenario for the global mining and steel sectors.
In June last year for example, Centaurus announced “some delays” in its Jambreiro iron ore project in Brazil, stating that it will not be able to meet the mid-2015 construction timeline due to the recent deterioration in market sentiment and conditions in the iron ore industry.