Brazil’s MLOG announced this week it has agreed to buy 100 percent of Brazil Mineração Marsil. The deal was approved by MLOG’s board of directors on April 23, the company said.
MLOG, a logistics and shipping company which also owns an iron ore mine in Brazil, said Marsil, which is located near Itabira, in the state of Minas Gerais, has been operating below its capacity due to financial woes. Marsil produced 220,000 mt of iron ore in 2017, MLOG said.
“The acquisition will be supported and is dependent on the payment of the overdue portion of MLOG’s capital increase already subscribed and partially paid in by Maverick Holding S,” the company noted.
MLOG is also expected to restructure its operations, so it can segregate iron ore production from other activities.
MLOG owns the Morro do Pilar iron ore mine in the state of Minas Gerais. Morro do Pilar has over 1.6 billion mt of certified resources, as well as high grade pellet feed of 68.5 percent Fe content.