Horizonte plans to raise $443 million to begin construction on the mine in the middle of 2019, production slated for late 2021.
Brazil Mining News
Santa Luz is a fully constructed open pit mine, which originally started production mid-2013 but was placed on care and maintenance in 2014.
Brazil's Vale, the world's largest iron ore producer, is seeking out small high-return acquisitions that are related to the miner's current assets.
Bolsonaro has portrayed China, its largest trading partner, as a predator looking to dominate key sectors of its economy.
Jair Bolsonaro is on the cusp of winning Brazil’s presidency, leading the latest polls by double digits, and the mining community is salivating.
Brazil's Vale SA , the world's largest iron ore producer, on Wednesday posted $1.408 billion in third-quarter net income, below the 2.23 billion a year-ago.
The mining community is salivating.
While prices remain stagnant and demand uncertain, the company is churning out more stones than at any other time in the past decade.
Figure is fivefold increase from August, up 3,400% y/y
Previ intends to reduce its stake in the miner over the medium-term.
The logic is sound: If steel mills are given pollution restrictions, they will use the best possible quality iron ore to maximise the amount of steel produced relative to the energy consumed.
Brazil's Vale expects the EV revolution to boost battery market nickel demand to as much as 700,000 tons in 2025, from just 36,000 tons this year.
The company's chief executive in Brazil talked about “very promising” drilling results at property located on the edge of the Amazon rainforest.
Samarco, a joint mining venture between Brazil's Vale and BHP Billiton, could resume production at a third of its capacity at the beginning of 2020.
Operations will resume before year end, but a planned ramp-up to 26.5 million tonnes per year is likely to be pushed back to 2021 from 2020.
CEO Fabio Schvartsman said the company would only invest further in nickel if global prices for the metal rise from $13,000 per tonne currently to around $20,000 per tonne.
Iron shipments fell about 5 percent, hurt by planned maintenance and safety pauses across all operations following a fatality.
Iron ore production at the S11D and Carajás projects grew nearly 20 percent to record 53.9 million tonnes, accounting for most of the increase.
The company's recently-acquired Riacho dos Machados (RDM) mine will be closed for about two months.
Norsk Hydro said on Tuesday it has won permits from Brazilian authorities to restart operations at half capacity at its Alunorte alumina refinery.
Norsk Hydro has won permits from Brazilian authorities to restart half the capacity of its Alunorte, the world's largest alumina refinery.
Hydro plans to halt production and lay off 4,700 people at Alunorte, which has been operating at half capacity since March due to an environmental dispute.
The definitive agreement comes almost three years after the incident, which killed 19 people and became the country’s worst ever environmental disaster.
Two major shareholders of Brazilian mining company Vale SA are likely to reach an agreement on Wednesday to pay 2.82 billion reais ($692 million) to Eletron to settle a dispute over Vale shares.
The Vancouver-based miner said it has signed a non-exclusive letter of interest to form a JV with an undisclosed local company on claims where manganese mineralization has been proven.