Posted in | News | Iron Ore | Mining Business

Bahia Mineracao Seeks $1.4 Billion to Finance Iron Ore Project

Bahia Mineracao Ltd is seeking a loan of $1.4 billion from banks in Brazil to finance an iron ore project in the north east of Brazil.

The Pedra de Ferro project in Bahia state needs about $ 1.8 billion worth of investment. The Bahia Mineracao company is controlled by Zamin Ferrous and Eurasian Natural Resources Corp (ENRC). ENRC bought 50% of the Bahia Mineracao for $300 million in 2008.

Martin Kannengieser a corporate director with Zamin Ferrous mentioned that Brazil's state development bank will probably be the lead lender for the project. Kannengieser gave an interview at Zamin Ferrous's London office where he said that they were looking to raise about $1.3 to 1.4 billion in Brazil and would borrow the rest through equity.

Talks with regional banks such as the Banco do Nordeste do Brasil are still going on. These banks will provide part of the finance along with the state owned development bank. The Pedra de Ferro project is expected to produce 19.5 million tons of iron ore concentrate by 2013.

Joel Scanlon

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Scanlon, Joel. (2019, March 19). Bahia Mineracao Seeks $1.4 Billion to Finance Iron Ore Project. AZoMining. Retrieved on October 16, 2024 from https://www.azomining.com/News.aspx?newsID=313.

  • MLA

    Scanlon, Joel. "Bahia Mineracao Seeks $1.4 Billion to Finance Iron Ore Project". AZoMining. 16 October 2024. <https://www.azomining.com/News.aspx?newsID=313>.

  • Chicago

    Scanlon, Joel. "Bahia Mineracao Seeks $1.4 Billion to Finance Iron Ore Project". AZoMining. https://www.azomining.com/News.aspx?newsID=313. (accessed October 16, 2024).

  • Harvard

    Scanlon, Joel. 2019. Bahia Mineracao Seeks $1.4 Billion to Finance Iron Ore Project. AZoMining, viewed 16 October 2024, https://www.azomining.com/News.aspx?newsID=313.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.