Brazilian energy and logistics specialist Cosan and the UK’s Aura Minerals plan to form a joint venture (JV) for iron ore mining and transportation.
Juarez Saliba de Avelar, formerly of Vale and CSN, is expected to head the project based out of Brazil. The new entity is likely to become operational in 2025, noted media reports on Aug 24.
Cosan also stated that it has purchased the country’s Sao Luis Port from China Communications Construction for BRL720mn ($134mn). The company will use this port to transport iron ore and transfer ownership of the Sao Luis Port to the new JV.
Cosan and Aura Minerals’ new entity will also own exploration rights near North Brazil’s Parauapebas city in the state of Paras.
Headquartered in Brazil, Cosan and its group companies’ Q2 2021 revenue stood at BRL25.2bn and adjusted EBITDA at BRL2.8bn.
British Virgin Islands-based Aura Minerals is a precious and base metals miner with operations across North, Central, and South America.
($1=BRL5.25)