Dow Jones reported that Brazilian logistics company LLX Logistica SA has signed financing contracts worth BRL 1.2 billion with the Brazilian Development Bank to finance the Porto Sudeste port project.

As per report, LLX Logistica, which is owned by local businessman Mr Eike Batista, signed off on two separate loans for the USD 2 billion port, which is scheduled to begin operations at the end of 2011.

The port will initially have the capacity to ship 50 million tonnes of iron ore per year from its sister mining company MMX Mineracao E Metalicos SA as well as other mining companies.

The port will be built in Itaguai, which is 80 kilometers from Rio de Janeiro city and close to an existing railroad route.

(Sourced from www.dowjones.com)