Australia-based miner Latin Resources has announced that it has acquired the Borborema
iron ore project from Anglo-Australian
mining giant
Rio Tinto for $200,000. The
iron ore project, located in
Brazil, is close to the coast with infrastructure including rail, roads and port.
Latin Resources stated that the acquisition is in line with the company's strategy of identifying
iron ore projects in South America if the opportunity arises and if the project is close to port infrastructure.