Ferrous Resources plans USD 6 billion investment program
July 21, 2008
July 21st (Steel Guru) – BNamerica reported that Brazilian miner Ferrous Resources do Brasil has unveiled a USD 6 billion, 2008 to 2014 business plan which includes acquisition of mining areas, implementation of projects, environmental remediation, research, purchase of equipment and construction of infrastructure.
Ferrous Resources do Brasil said it aims to reach iron ore output of 50 million tonnes per year by 2014 from the mines it already owns in Brazil.
Ferrous spokesperson said the goal is to reach 100 million tonnes per year by 2020, depending on the success of acquisitions and studies. The company expects to export most of its production. Created in 2007, Ferrous Resources is concentrating most of its works in southeast Brazil’s Minas Gerais state.
As per report, the idea is to start up at 1 million tonnes per year by December.
The report said to finance the investments, Ferrous owned by US, Australian and English investment banks plans to launch an IPO on the London Stock Exchange this year.
Ferrous Resources is presided by Mr Gilberto Mansur a geologist with over 35 years experience who has worked for Vale, Rio Tinto, Brazil’s geological survey CPRM, BP Minerals and Billiton Shell Metals.