China’s Latin America Industrial Investment Cooperation Fund (Claifund) and China Railway Engineering Group (Crec), along with the state of Bahia and local miner Bamin, will invest, build and then operate an iron ore port and railroad in Brazil, according to media reports.
Under the terms of the joint agreement, which was signed in Beijing, China, the Asian companies will build and operate the Sul port as well as the Ferrovia de Integração Oeste Leste (Fiol) railroad.
The Sul port will be built in the city of Ilheus, in the state of Bahia, and already has both the provisional and implementing licenses to operate.
About BRL 2.6 billion will be invested in the project.
When completed, the complex should transport 55 million mt of iron ore per year.