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Eurasian Resources unit signs US$2.6B deal for Pedra de Ferro mine construction

Eurasian Resources Group SARL unit Bamin signed a memorandum of intentions with China Communications Construction Co. Ltd. and China Railway Group Ltd. for the US$2.6 billion construction of the mine and related infrastructure for the Pedra de Ferro iron ore mine in Brazil's Bahia state, Valor International reported May 31.

The mine — boasting a capacity of 20 million tonnes of iron ore per year — will cost US$1 billion, with another US$1 billion earmarked for the construction of an ore and general cargo terminal in Ilhéus. The remaining US$600 million is reserved for the assembly of the 525-kilometer railway link between Ilhéus and Caetité, the report said.

A source said in the Valor International report that a disagreement over the Chinese partners' share in the expenses is holding back the deal's approval. Bamin CEO Eduardo Ledsham said a decision is expected in the second half.