Venezuela's state-run iron ore producer CVG Ferrominera Orinoco (FMO) is building a second pellet line to increase domestic supply, the company said on Friday.
FMO has ordered 3,800 mt of steel structures and 93 mt of steel tubes to build the additional pellet line, the company said, adding that the project is currently over 53 percent percent complete.
The company said it hired financing from the Chinese Long-Term, Large Scale Fund through Venezuelan state-run development bank Bandes.
Currently, FMO has a 25 million mt/year iron ore capacity, a 3.3 million mt/year pellet capacity, and a 1 million mt/year HBI capacity.