Ferrexpo buys stake in Brazilian iron ore miner

Wednesday, 18 September 2013 10:44:28 (GMT+3)   |   Istanbul
       

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.

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