Venezuelan state-owned iron ore producer CVG Ferrominera Orinoco (FMO) is expanding its Palua wharf in the city of Guayana in an attempt to increase exports, a state-owned news agency said on Monday.
The project will include the installation of new systems to receive, store and load iron ore. According to government-owned news agency AVN, the expanding of the Palua wharf should help the company increase its iron ore exports to between 3.5 and 7.5 million mt/year, which represents an increase of more than 50 percent.
The investment to expand the Palua wharf will cost about $112 million and come from a joint fund Venezuela holds with China.
“Last year, we exported about 5 million mt [of iron ore.] Now we can increase exports to 13 million mt/year with the expanding of the structure,” said Juan Arias, Venezuela’s minister of basic industries.