Cedro Participações was the winner in an auction for an iron ore terminal in the Port of Itaguai, in the state of Rio de Janeiro.
Known as Porto do Meio (Middle Port) due to its location between the terminals of Vale and CSN, the new structure will require investments estimated at $600 million to achieve a 20 million mt of iron ore export pace.
The terminal is expected to facilitate the exports of Cedro and other small mines in the state of Minas Gerais, which currently must sell their ore to Vale or to CSN to access export markets.
The construction of the terminal is expected to start in 2027, with operations planned to start in 2029.
Meanwhile, Cedro will invest an estimated $1.3 billion to increase its own iron ore production from 7 to 20 million mt per year.