• Categories
  • Archives

Indian Zamin Resources Builds in Brazil a Multi-Billion Iron Ore Project

Caetité in Bahia, BrazilAccording to a Dow Jones report, Indian-owned, UK-based Zamin Resources has one major iron ore project under way in Brazil and is keen on developing others in the country and neighboring Uruguay.

Zamin owns 50% of Bamin a joint venture with Kazakhstan Eurasian Natural Resources Corp that is developing a mine at Caetité in Bahia state in the Brazilian northeast.

The mine will start operations in September 2012 and produce up to 25 million tons a year of iron ore concentrate. Iron ore reserves in the area are estimated at 2.5 billion tons.

Pramod Agarwal CEO of Zamin said the company is also in the early stages of prospecting a 6 million ton per year iron ore project called Greystone to the south of the Caetité mine. He said that elsewhere in South America, Zamin is developing another iron ore project slap bang in the middle of neighboring Uruguay near the town of Valentines.

Mr Agarwal said “Although the ore quality is low grade, it is easier to process into concentrate”. He anticipated that he will be present Friday, alongside Brazilian President Luiz Inácio Lula da Silva, at the laying of a foundation stone marking the beginning of work on Brazil West-East Railroad, a critical link in developing the Caetité reserve.

The railroad will provide the key 535 kilometer line from Bamin planned port terminal to the mine. Earlier this week, Brazil Ministry of Transport said a tender prospectus for the US$ 3.3 billion 1,500 kilometer railroad would be issued by this weekend.

Mr Agarwal said construction of the port is expected to go ahead by August.

A Zamin spokesman said the railroad, being developed by Valec Engenharia an engineering company controlled by the Brazilian Ministry of Transport, has enough ring-fenced funding around BRL 1.7 billion to cover expenditure for at least the section of interest to Bamin.

While the Brazilian government will pay for the railroad infrastructure, Bamin will buy 15 to 20 locomotives and 1,000 wagons to carry the ore to its private deepwater terminal to be built near Ilhéus, Bahia.

Mercopress

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Another All-Time High for Brazil’s Shares

Brazilian stocks climbed on a slump in global oil prices, taking Brazilian equities to ...

Brazil’s Fight to End Its Foreign Fertilizer Addiction

Brazilian state company Embrapa Solos (Soils), in partnership with the private sector, is developing ...

Snubbed as “Diplomatic Dwarf” Brazil Calls Israeli Spokesman the Assistant of the Assistant of the…

The special adviser for international affairs to the Brazilian presidency, Marco Aurelio Garcia, called ...

Brazil’s Embraer Gets New Logo, But You Wouldn’t Know By Looking a It

Brazil's aircraft maker Embraer, is taking August 19, when it celebrates 38 years building planes, ...

Latin America Is Going the Brazilian Way, Not the American Way

Foreign ministers from 34 of the 35 countries in the Americas met this week ...

London-Based Rio Tinto to Boost Six-Fold Iron Ore Production in Brazil

The world's second-largest iron ore producer – the first is Brazil's Cia. Vale do ...

Brazil Reminds Chavez of Need for Freedom of Expression and Independent Justice

While saying it is a “good friend” of Venezuela and his president, Hugo Chavez, ...

Brazilian Soy Growers Fear They Will Be Ousted from Bolivia

Brazil and Bolivia decided to establish a technical group to evaluate property holdings along ...

6 Million Brazilians Work as Maid

The precarious working conditions of domestic workers in Brazil are being discussed today in ...

Will the US Ever Comply with the WTO? Brazil Wants to Know.

The United States has still not complied with a World Trade Organization ruling that ...