Australia-based miner South American Ferro Metals (SAFM) has announced that it has been granted funding from the government of Brazilian state Minas Gerais for the expansion of the Ponto Verde iron ore project located in the state.
Within the framework of the funding agreement, SAFM will make a total investment of R$600 million ($285.12 million) between 2015 and 2017, creating 500 direct jobs by 2017, preferably sourced locally in the municipality of Itabirito.
The company expects to achieve a processing capacity of around 4 million mt of iron ore by June 2019 and revenues of R$360 million ($162.5 million) in the third year of the operation.