Brazilian-based iron ore company Bamin is currently in talks with several potential partners to team up for a $2.6 billion joint venture iron ore project, a media report from Reuters said.
Bamin is reportedly negotiating with a consortium made up of three undisclosed companies to back up the multi-billion dollar project. The media report said Bamin is also in talks with three other undisclosed investors, the terms of which were not disclosed.
Investors reportedly became interested in the JV following increasing iron ore prices due to the Brumadinho incident, which killed hundreds in January 2019 and affected global iron ore supplies.
Bamin’s iron ore project in Bahia, for which the company seeks a partner or partners, depends on local, unconcluded logistics projects. The project was initially planned for 2005 and has been delayed ever since.
The project should produce an undisclosed amount of iron ore by 2025, the media report noted.