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Brazil Property News: Brazilian mining firm in £150m takeover
2nd May 2008 05:13
A global natural resources group has exercised an option to buy a half share in a Brazilian mining company, it has been reported.
Eurasian Natural Resources Corp bought a 50 per cent stake in Bahia Mineracao Limitada (BML) for $300 million (£150 million).
The Kazakhstan-based company, which is the world's sixth-largest iron ore exporter, said it was confident that the market continued to offer attractive opportunities and the stake would further enhance its position with in the sector, according to Mineweb.
Those considering buying property in Brazil may be encouraged by the news, which suggests an economic resilience in the Latin American nation.
Armando Santos, BML's chief executive, remarked: "In addition to the very favourable market conditions supporting the development of this project, we are delighted by the strong governmental support to BML in the State of Bahia, including the environmental authorities, which we expect to facilitate the implementation programme."
Meanwhile, last month another Brazilian mining company established its third pellet manufacturing plant.
Samarco Mineracao predicted that its new plant in Anchieta would boost its iron ore pellet production capacity by more than half (54 per cent), ANBA reported.
For more information on Brazil property investment and to find out about uv10's latest projects, contact uv10 on 0845 643 1036 or email info@uv10.com or visit our website: http://www.uv10.com
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How to invest in Brazilian property
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