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Report: Brazilian miner seeks partners to fund US$2.6B iron ore project

Brazilian iron ore producer Bahia Mineração SA, or Bamin, is in talks with potential investors to secure joint venture funding for a US$2.6 billion iron ore project in Brazil's northeastern state of Bahia, Reuters reported Sept. 11, citing Bamin CEO Eduardo Ledsham.

Bamin is in discussions with a consortium of three Chinese firms and engaged in advanced talks with three other investors who showed interest after the recent rise in iron ore prices, Ledsham said, without identifying the firms due to confidentiality agreements.

As part of the project, the Eurasian Resources Group SARL-backed company committed to partially fund a rail line to transport ore to the coast and agreed to spend US$1 billion to build a port.

The project will use a downstream tailings dam and production is expected to start in the first half of 2025, the report said.

Ledsham noted that the company expects mining and shipping costs of about US$28 per tonne, compared to the current iron ore price of about US$90 per tonne.