Eurasian Resources Group enters into a principal agreement with China's NFC to complete the construction of its project in Africa; EXIM and ICBC to support the financing, Sinosure to provide the insurance
BAMIN: ERG’s investments in Brazil show results
Following the commencement of commercial operations at the Pedra de Ferro Mine and initial works for the construction of Porto Sul, Eurasian Resources Group (ERG), a leading diversified natural resources group headquartered in Luxembourg, continues to advance BAMIN, its large integrated iron ore mining and logistics project in Brazil.
In December, ERG’s Pedra de Ferro mine in the State of Bahia will start commercial production with an initial capacity of 2 mtpa of high-grade iron ore with 65% Fe content. Once in full production, the mine will produce 18 mtpa of ore.
Meanwhile plans for the implementation of Porto Sul, a deep-water port complex, also continue to advance. Carried out by the State of Bahia and BAMIN, the initial works focus on the construction of the requisite infrastructure and access to the site. This phase of the work will already generate 400 direct jobs and another 1,200 indirect ones.
Overall the BAMIN project is expected to increase Bahia's economic relevance in Brazil by raising the State to the position of the country's third largest iron ore producer.
Dr Alexander Machkevitch, Chairman of the Board of Directors at ERG, said: “BAMIN is demonstrating exceptional potential and we are reassured by the pace at which the project is advancing this year. The progress is a testament to the hard work and commitment of the team in Brazil and across the Group. We look forward to seeing the project continue to deliver strong socioeconomic benefits to local communities and the broader region.”
Mr Benedikt Sobotka, CEO of Eurasian Resources Group (ERG), commented: “We are very pleased with BAMIN’s continued progress. The start of operations at Pedra de Ferro is a fundamental step towards the full implementation of the project. Porto Sul, in addition to its strategic importance, will strengthen the local economy and support the growth of other sectors. While implementing the BAMIN project we also aim to positively contribute to the economic and social recovery and help mitigate the long-term impact of the pandemic.”