Zamin, a UK-based firm with iron ore mining operations in South America, has been prevented from selling iron ore in Brazil by a Amapa state environment regulator, Imap, because the company didn’t have a license.
About 100,000 mt of the commodity was confiscated by Imap after Zamin reportedly sold iron ore without the approval of a local court. A third party company that transports Zamin’s product had a license, but the iron ore producer did not.
According to a media report, Zamin’s creditors are concerned about the confiscated inventory, which is reportedly worth about BRL 1.5 billion.