Cedro Participações said in a statement that it has been granted an Integrated Environmental License (LAI) to build Porto do Meio, an iron ore terminal in Itaguaí, state of Rio de Janeiro, with an estimated investment equivalent to $720 million.
Expected to take three years to build, the terminal will cover approximately 250,000 m² and have an initial handling capacity of 15 million metric tons (mt) per year, expandable to 24 million mt in a future phase. At its peak, construction is expected to generate about 3,000 direct and indirect jobs.
Connected to the MRS Logística rail network, the terminal will give Cedro greater control over its exports and will also be able to serve other mining companies.
The project is part of the company's expansion strategy, which targets annual iron ore production of 20 million mt by 2032 and seeks to boost its competitiveness in international markets.
Cedro will focus on producing pellet feed-grade ore to supply pellet producers in Europe and the Middle East.
The name Porto do Meio (“Middle Port”) refers to the terminal's location between those of Vale and CSN in Itaguaí.
Environmental licenses are hard-won in Brazil given the country's stringent legislation, so their approval is widely seen as a major milestone.
