Bahia state iron ore companies see revenues increase in Jan-Sep

Monday, 04 October 2021 20:10:00 (GMT+3)   |   Sao Paulo

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.

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