Swiss-headquartered
iron ore miner
Ferrexpo, whose main interests are in Ukrainian
iron ore assets, said today, September 18, that it has acquired a 14.4 percent stake in Ferrous Resources (Ferrous), an
iron ore producing company operating in the
iron ore quadrangle of the Minas Gerais region of
Brazil.
The total consideration for the stake, which was acquired between January and September of the current year, was approximately US$80 million, according to
Ferrexpo's statement.
Ferrous has a 4 billion ton JORC compliant reserve and resource base. As of June this year, it had a production run rate of approximately 5 million mt per annum of 62 percent Fe
iron ore fines.
The investment represents access to a good quality asset in a major
iron ore producing region,
Ferrexpo said, adding that Ferrous has all permits in place to expand output to 15 million mt per annum.