A Eurasian Resources Group (ERG) executive told Brazilian president Michel Temer the company plans to invest over $2.4 billion in Brazil by the end of next year. Eurasian is a major shareholder at Brazilian iron ore producer Bahia Mineração, Bamin.
Temer met Alexander Maskevich, a major shareholder of ERG, during a stop in Kazakhstan on the way to his trip to China. ERG said it will invest $1 billion to expand Bamin’s current iron ore capacity, while the remainder of the funds would come from Chinese investors.
Brazil and China have signed 14 agreements to foster the relationship between the two countries. The Brazilian steel industry has been opposing the growth of Chinese steel imports in the country, and has claimed for tougher measures over what it qualifies as an unfair competition.