UK-based mining firm Brazil Iron Mineração and Bahia state mineral company CBPMsigned an agreement to develop the US$5bn Fazenda Mocó iron ore project.
Brazil Iron MineraçÃo Ltda, the Brazilian arm of UK based Brazil Iron Ltd, unveiled plans to invest $5 billion in an iron ore project in the northeastern state of Bahia.
The consortium will focus its attention on harnessing the potential of the state’s Braemar iron region alongside its extensive renewable energy capacity.