Australia-based Cleveland Mining has announced that it acquired an iron ore project in Amapa, Brazil. The "Porto Grande" project is located in close proximity to mines owned and operated by Anglo American, Cliffs Natural Resources and Vale.
Cleveland Mining HK Ltd., Cleveland Mining Company's Hong Kong-based subsidiary will own and operate the project. Pending the official transfer of owner-rights to the project, Cleveland Mining will pay a total of US$2 million for the project in two installments: US$0.4 million after six months and US$1.6 million after 12 months.