Kazakhstan mining company Eurasian Resources Group intends to implement a Bamin iron ore project in Brazil and is negotiating with several probable partners.
The cost of the project is $2.6 billion, of which some $1 billion accounts for the construction of a railroad and a deep-sea port.
The project was initiated in 2005, but was then frozen because of the drop of global iron ore raw materials prices. But the increase in prices this year has brought back the interest to the project.
The auction for the railroad concession is scheduled for May 2020. The ore mining is expected to begin in H1 2025. Concentrate output is estimated at 19.5-20 million tons per year. (Ukrainian metal)