Chinese Consortium finances Pedra de Ferro iron mine (linked to Record ID#62077, #62855, #62856)

In September 2017, the Brazilian state of Bahia, Bahia Mineração (Bamin) (a Brazilian subsidiary of Eurasian Resources Group), and a Chinese consortium agreed to fund the project of the Pedra de Ferro iron ore mine.

The Chinese consortium is comprised of China Railway Group, China Communications Construction Co., Ltd., and Dalian Huarui Heavy Industry Group.

Bamin completed a US $200mn feasibility study for the project in August 2010 and was awarded an operating license in June 2014 (Minex Forum).

The Pedra de Ferro mine will develop high grade, large-scale iron ore reserves located near the city of Caetité, in Bahia.

Once operational, the Pedra de Ferro mine will supply up to 20mt of high quality iron ore to global markets annually (Splash). Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.