Venezuela’s state-owned iron ore producer CVG Ferrominera Orinoco (FMO) has received the first shipments of trucks and extra heavy equipment it has acquired in the industry’s stimulus program financed by the nation’s development bank, BANDES, according to a media report.
FMO reportedly received four trucks, which have a capacity of 100 mt each, as well as a tractor with a 12.5 cubic yards capacity, as part of a set of 25 extra heavy equipment it bought through BANDES.
According to Jesús Zambrano Mata, president at FMO, the equipment will help the company to recover its capacity to transport the iron ore that is extracted from its mines in the city of Ciudad Piar.
Mata said FMO is expecting other equipment, including trucks with a 180 mt capacity and other tractors, to arrive at the company.
FMO is Venezuela’s only company dedicated to the extraction, transport and processing of iron ore. The company has a 30 million mt/year capacity.