Brazilian miner Grupo Cedro plans to invest $185mn in five new iron ore projects over the next three years to expand its production capacity of the material.
The company indicated on Aug 19 that this outlay will help it to expand its iron ore production capacity from 4mn mt per year to 15mn mt per year by 2026. It includes setting up a new crushing and concentrates plant by early September. Most of this investment will be applied in its Mina do Gama (Nova Lima) operations in Minas Gerais, according to media reports.
Of the 3.9mn mt produced in Nova Lima, 40pc is destined for the Brazilian pig iron industry, the company noted, with the final products commercialized with an average concentration of 64.5pc of iron content.