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Fomento do Brasil obtains preliminary license for US$240mn iron ore project

Issued at 2023-10-19



Fomento do Brasil Mineração obtained a preliminary license to explore for iron ore pellet feed in Rio Grande do Norte state, where it expects to invest up to 1.2bn reais (US$240mn)

The five-year license was obtained from the northeast Brazilian state’s environmental agency Idema for areas in Lagoa de Velhos, Serra Caiada, Senador Elói de Souza and Sítio Novo. 

“The Ferro Potiguar project is an initiative that reflects our commitment to starting iron ore operations in the region. With investments that already exceed 127mn reais and plans to contribute another 1.2bn reais, we are determined to make a difference. We estimate that more than 2,000 direct and indirect jobs will be created, thus reinforcing our role in economic and social development,” said CEO Rodrigo Santos in a release.

In a separate note, the firm said it expects initial production of 1.5Mt/y iron ore pellet feed, although it did not give further details of the project such as a date for starting operations.


Source: bnamericas.com



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