Latin Resources buys iron ore assets from Rio Tinto

Australia-listed Latin Resources Limited has acquired the Borborema iron ore project in Brazil from Rio Tinto Exploration.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

The acquisition was made with a consideration of $200,000 plus taxes and legal costs as well as a 3% net smelter return royalty for minerals rights that cover a total 40,483 hectares in the new iron ore district of Brazil’s north-eastern state of Rio Grande do Norte, it announced on Wednesday November 27.

“This move into Brazil fits in with Latin Resources’ strategy of developing projects close to port and infrastructure to enable near-term production,” its md, Chris Gale, said.

There are two new public railroads due for construction that will pass through the region and enable access to two large ports.

The project provides potential for the production of pellet feed with low levels of contaminants, according to Latin Resources.

The Rio Grande do Norte State is the host of two exporting iron ore mines – the Bonito mine owned by MHAG and the Saquinho Mine operated by Zamin Resources.

Latin Resources is a mineral exploration company focusing on projects in Latin America. It has a portfolio of projects in Peru.

What to read next
General Motors (GM) is investing $650 million to develop the Thacker Pass mine in Nevada, the largest known source of lithium in the US and the third largest in the world
Electrolysis processes developed by Boston Metal and Electra that eliminate the need for coal in steel production could be key to a net-zero emissions future for the metallics industry, attendees learned at Fastmarkets’ conference on January 17-19 in Dallas
Low supply, strong demand to spur scrap prices higher in Feb, market says
US deep-sea ferrous export prices from the East Coast to Turkey have plateaued, with a Turkish mill purchasing a cargo at prices stable from the last-reported sale
The current shortage of some higher purity grades of aluminium, such as P0610, and the robust demand for units should maintain the higher differential to prices for P1020-grade aluminium, market sources told Fastmarkets on Monday January 30
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.