Ferrous to make iron ore investment in Brazil
Date added: 9th March, 2010 at 09:05
(view all articles from March, 2010)
Categories: Natural Resources
Isle of Man-based business Ferrous has announced it is to make an investment in Brazil.
The company is to develop land in the North East of the Latin American country after it acquired permits to look for iron ore in the region.
Ferrous executive chairman Gordon Toll said that the investment in Brazil is "exciting" for the firm.
"The development of the Ferrous mines, pipeline infrastructure and ports are of significant importance to the economic future of the company and to the regions in Brazil in which we are operating," he commented.
Mr Toll added that the investment in Brazil would bring jobs to the Bahia area of the country.
He explained that Brazil has a long history of mining and that it will continue to dominate the industry in the future.
This comes after energy and mining minister Edison Lobao told Bloomberg that President Luiz Inacio Lula da Silva wants Vale, the largest producer of iron ore in the world, to make a larger investment in Brazilian steelmaking.