Brazilian ferroalloys producer Ferbasa plans to invest BRL 500 million ($133.1 million) by 2021 to reduce costs and increase its production scale, a media report from Valor said.
Ferbasa aims to produce ferroalloys at the same time it extracts iron ore, generates energy and produce met coke.
The company’s CEO, Márcio Barros, said Ferbasa is seeking to form a joint venture (JV) with an existing coal producer. The coal is a key feedstock to produce met coke. “We should announce this partnership next year,” he said.
Ferbasa operates two mines in Bahia state: the Campo Formoso and the Andorinha sites.
USD = BRL 3.75 (July 10)