Brazil's Rio Grande do Norte state government signed an LOI with Jersey registered Zamin Ferrous for an investment of BRL 700 million (USD 402 million) in the mining sector over the next three years.

Zamin acquired local iron ore miner SUSA Mineração in 2010 and has invested BRL 200 million in the SUSA iron ore mine which made its first shipment in September through Natal port. The operation is expected to produce 1 million tonne per year in its first phase, increasing to 3 million to 5 million tonne per year by 2014.

The company is planning to make three more shipments of 35,000 tonne each by year end. Next year exports are planned at 105,000 tonne per year.

In Brazil, Zamin also has the Greystone iron ore project in Bahia state where the production target is 8 million tonne per year and the Zamapa project in Amapá state where output is also set at 8 million tonne per year.

The company also has the greenfield Valentines magnetite project in Uruguay which is expected to produce 18 million tonne per year.

(Sourced from www.bnamericas.com)