Kazakhstan-based mining group Eurasian Natural Resources Corporation Plc. (ENRC) has announced the acquisition of a 50 percent stake in Brazilian iron ore developing firm Bahia Mineração Limitada (BML) from Zamin BM NV for a total consideration of $300 million in cash.
BML is currently developing a project which is expected to produce more than 20 million mt of iron ore concentrate a year in Bahia state. Initial output is expected to be seen in 2011 with full production achieved by the following year.
ENRC is the world's sixth largest iron ore producer by volume, producing 17 million mt of iron ore annually.