As trading and logistics firm Trafigura eyes key assets in Brazil following the acquisition of MMX iron ore operations, the owner of the Sudeste port in the city of Itaguai, in the state of Rio de Janeiro, said the company will start exporting the commodity from the terminal it owns this week, along with Mubadala.
According to a media report, the Sudeste port will send an 80,000 mt vessel loaded with iron ore to China this week. Local steel producer Usiminas saw the port as an opportunity to expand its iron ore shipments. However, delays in the project and a “breach of contract” forced Usiminas toend a contract it had with the Sudeste port.
Quoting a Mubadala spokesman, a media report said the port will provide additional capacity as well as improved access to the iron ore export market, unlocking Brazilian production overall.
The port is jointly owned by Trafigura and Mubadala, which have a combined 65 percent stake, while MMX has the remaining 35 percent share in the project.