A judge at a bankruptcy court in the state of Sao Paulo ruled this week the assets of Brazilian iron ore producer Zamin Amapa couldn’t be seized, despite the company’s financial troubles. Zamin Amapa was prevented in December from selling iron ore in Brazil by an Amapa state environment regulator, Imap, because the company didn’t have a license.
About 100,000 mt of the commodity was confiscated by Imap after Zamin reportedly sold iron ore without the approval of a local court. A third party company that transports Zamin’s product had a license, but the iron ore producer did not.
According to the Sao Paulo judge, Zamin Amapa, which is currently under bankruptcy protection, cannot have its iron ore shipment or assets seized.
The judge said Zamin’s legal administrator should present in five days a translated document of the contract it had with Indo Sino Trade. Then, in another five days, there will be a decision saying whether Zamin can transport the product.