Grupo Cedro plans to invest BRL 1 billion ($185 million) in Minas Gerais state in the next three years, according to a media report by Diario do Comercio.
The investment covers five new iron ore projects that will allow it to expand iron ore capacity from 4 million mt/year to 15 million mt/year by 2026. The media report said licensing for these undisclosed projects are already in place. Grupo Cedro expects to get licensing for one of these projects “in the next few months.”
Grupo Cedro owns Cedro Mineração. The company operates its Gama iron ore mine in the city of Nova Lima, Minas Gerais state.