Australian miner Centaurus Metals said this week it has completed a US$1 million (BRL 4 million) deal to lease its Candonga iron ore project in Brazil.
Centaurus said it reached an agreement with private Brazilian group Ecosinter, which leased the project for BRL 4 million in 10 equal installments of BRL 400,000.
The first two installments were already paid by Ecosinter with the next eight remaining installments to be received on a monthly basis through to May 2016.
“Centaurus has assigned the lease of the company’s field office in Guanhães to Ecosinter to support their operations in the region,” the company said in a statement.
The Australian miner said the strong interest of Ecosinter in the project “continues to support the company’s view that low-cost DSO projects remain profitable for [the] domestic market supply even at a time when international iron ore prices are relatively low, due to the domestic cost curve and the overall weakness in the Brazilian currency.”