UK-headquartered Brazil Iron, which has a subsidiary in Piata, Bahia, plans to invest $5.7 billion over the next five years in hot briquetted iron (HBI) production in Brazil.
The company plans to use available, high-quality ore from its reserves, combined with renewable energy sources outsourced to hydro, solar and wind power to produce HBI with “net-zero” carbon emissions.
The project scope includes the production of ore, pellets and HBI.
Davis added that HBI could be used in electric arc furnaces (EAFs) to produce pig iron without the emissions-intensive emissions of coal blast furnaces.
Piat's reserves are estimated at 1.7 billion tonnes, covers an area of 430 km2. The reserves will be developed after receiving environmental licenses to begin production. According to the company, the average iron content in the ore is estimated at 67.5 percent
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