Swiss iron ore miner swoops into Brazil

Swiss iron ore pellet producer Ferrexpo is taking a transatlantic leap from its Ukraine operations into South America.

The miner announced on Wednesday that it had spent $80 million on a 14.4% stake in Brazil’s Ferrous Resources, an iron ore producer located in the Minas Gerais region.

Ferrexpo is pushing its way right into the heart of its main rival Vale’s operations – the world’s largest iron ore producer.

Ferrous Resources has been a popular buy lately with Glencore purchasing about 5% of shares in February.

The Brazilian company, owned partly by billionaire Carl Icahn, produces about 5 million tonnes of steel-making iron ore per year through its three mines. The company is looking to expand  output to 15 million tonnes per year.

Until now, the Swiss miner has only operated in the Ukraine, producing 9.3 million tonnes of pellets in 2012. It exports to Europe, South-east Asia and the Middle East.

 

 

138 0
Latest Stories

MSHA honours Massey operations for safety achievements

The Mine Safety and Health Administration (MSHA) in the USA has selected the Green Valley Preparation Plant and two mines operated by the Aracoma Coal Co to receive Pacesetter Awards for outstanding safety achievements. Green Valley and Aracoma are operating units of Massey Energy Co. The awards to the Green Valley plant and Aracoma’s Alma and Hernshaw mines honour operations [...]

Eyes on Indian Underground

increasing demand for coal. Industry observers believe that India is poised to become a major market for mining equipment, even larger than China, and this opportunity has led several global mining companies to open up shop in the country at least four

SIGN UP FOR OUR DAILY NEWSLETTER

Bateman makes major acquisitions in mineral processing

As IM May is prepared for printing, with an article on developments in mineral processing, comes dramatic news from Bateman. The company has recently acquired the mining-process division of Intertech, with a strong market presence in the CIS. Even more significant, Bateman’s latest acquisition, announced as IM goes to press, is that of the Delkor [...]