Brazilian iron ore companies operating in the state of Bahia saw their revenues in the accumulated period of January to September this year rise, according to a media report, citing data from the national mining agency, ANM.
The media report said the revenue of Bahia state iron ore companies in the Jan-Sep period reached BRL 470 million ($87.6 million), over 1,700 percent up, when compared to the full-year of 2020, when companies reported revenues of BRL 25 million ($4.6 million) for the entire year.
The surge is due to new iron ore companies that commenced production this year, including Eurasian Resources Group (ERG)-owned Bamin, Tombador Iron and Brazil Iron.
Neither the media report nor ANM disclose revenue per individual company. Despite the increased revenues, logistics still seems to be a major issue, the media report noted.