Ferrous plans floatation to make investment in Brazil
Date added: 22nd March, 2010 at 09:11
(view all articles from March, 2010)
Categories: Natural Resources
Ferrous has said it is considering floating on the stock market in order to raise the funds to make a major investment in Brazil.
The company owns land in the country which is ripe for iron ore to be mined, but needs money before beginning production.
Andre Simao, the finance chief at Ferrous, explained that floating on the stock market is only one option the firm is considering.
"We tried to go public in the first quarter of 2008 but then the recession happened," he commented.
Speaking to the Sunday Times, he added that Ferrous has no debt and $500 million (£330 million) in cash.
"We've been waiting for the market to return," Mr Simao said.
The investment in Brazil could result in 25 million tonnes of iron ore being produced by Ferrous by 2013.
Earlier this month, Ferrous executive chairman Gordon Toll said the investment in Brazil is "exciting" for the company.
He added that jobs will be created in the Bahia region of the Latin American country as a result.
Related Articles
Investments in Brazil 'more than just iron and oil'
Date added: 16th March, 2010 at 10:48
(view all articles from March, 2010)
Bertin to make green investment in Brazil
Date added: 11th March, 2010 at 09:11
(view all articles from March, 2010)
Ferrous to make iron ore investment in Brazil
Date added: 9th March, 2010 at 09:05
(view all articles from March, 2010)