Internovia Natural Resources, a UAE-based company, has temporarily assumed the iron ore operations of Brazil’s Zamin in the state of Para, according to the ruling of a bankruptcy court judge.
A bankruptcy court judge in the state of Sao Paulo prevented Zamin and Aurum from managing the mine as they were “incapable” financially and administratively-speaking to do so. The two companies have been operating the mine since October 2015.
Internovia has invested about $30.4 million in Zamin, according to a media report.
Zamin is currently under bankruptcy protection.