Brazilian iron ore producer Bamin won on Thursday a railway auction. The company, which was a sole bidder in the auction, offered the minimum BRL 32.7 million ($5.8 million) concession fee to operate the Ferrovia de Integração Oeste-Leste (FIOL) railway.
Bamin will pay the concession fee with its own resources and use the railway to transport its own iron ore to the port. Eurasian Resources Group (ERG) is Bamin’s shareholder.
Bamin will operate the 35-year railway in exchanging to investing BRL 3.3 billion ($592.1 million) along the contract’s period.