Mining companies in the northeast Brazilian state of Bahia are expected to invest $135.9 million (BRL 780 million) by 2025, according to a media report by Correio.
Global refractories producer RHI Magnesita, a company made up of Brazil’s Magnesita and Austria-based RHI, will spend BRL 200 million ($34.8 million) to build a new industrial furnace.
Vanadium producer Largo Resources will invest another BRL 80 million ($13.9 million) to produce new vanadium products out of its Maracas mine.
Ferroalloys producer Ferbasa will spend BRL 500 million ($87.1 million) to reduce costs and increase output.
Ferbasa aims to “verticalize” all its output, from iron ore extraction, energy supply and output of metallurgical coke.