The state of Minas Gerais, a major source of iron ore production in Brazil, has launched a public tender to hire a securities exchange accredited institution in the country to manage a mining investment fund.
The tender was launched by the state’s economic development company, Codemig, and the fund will allow investors to inject money in mining-related funds. A Minas Gerais state news agency said the mining fund will have a minimum BRL 100 million capital ($31.7 million) to start.
According to the local government, the fund should attract new investments to the region and help the state increase the competitiveness, innovation and sustainability of the local mining productive chain.
The fund will focus on research, development and innovation activities, as well as the production of strategic minerals and technology solutions for the mining chain.