Cedro Mineração, a Brazilian iron ore mining company, said in a statement that it will invest the equivalent of $676 million in the construction of a processing plant in Mariana, Minas Gerais, to produce iron ore in pellets, which is expected to exceed 66 percent iron content.
The ore will be sold to direct reduction pellet producers targeting customers in Europe and the Middle East.
In the first phase, production will increase from the current 3 million metric tons to 5 million tons per year through investments in infrastructure, equipment and mine leases in the region.
At the second stage, it is planned to build an 18-kilometer conveyor, so by 2028 the production capacity should reach 9 million tons per year, and by 2028 the full capacity of 20 million tons per year by 2030 should be reached.
The third phase of the project involves the expansion of the port of Porto do Meio, a marine terminal in the state of Rio de Janeiro, to a capacity of 25 million tons per year.
The name of the port of Porto do Meio (Middle Port) reflects its location between the Vale and CSN terminals in Itaguai.
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