Brazil’s Gerdau group announced the certification by SRK Consulting of a volume of 138 million mt of proved iron ore reserves in its Miguel Burnier mine, located in the Brazilian southeastern state of Minas Gerais.
The certification includes 338 million mt of probable reserves, which were calculated by SRK under guidelines issued by the US Securities and Exchange commission.
In a statement, Gerdau informed that the reserves are sufficient for 40 years of operations of the mine, giving support to plans to invest an estimated $660 million in the development of a mining platform until 2026.
The mine will serve chiefly the Ouro Branco steel plant of Gerdau, located near the mine. The project includes new mining fronts, crushing and concentration units, a 13-kilometer iron ore pipeline and other ancillary equipment.
