Manganese and iron ore producer Brazil Iron expects to invest $200 million to increase the production of both commodities, a top executive told Brazilian media Estadao.
Guy Saxton, CEO at Brazil Iron, said the company plans to invest the money within a five-year timeline. He did not elaborate on how much iron ore or manganese capacity the investment would add.
Brazil Iron, which is owned by London-based iron ore miner Oakmont Resources Limited, acquired iron ore mines in the Brazilian state of Bahia in 2012.
UK’s Companies House, the local registrar of companies, lists Oakmont Resources as a “dissolved” company, while Brazil Iron Limited appears as an “active” business.