Brazil’s CSN (Companhia Sider ú rgica Nacional) Mineracao has closed an iron ore sale and purchase deal with Glencore, a Swiss mining company.
According to a report by Mining.com, the recently closed transaction involves export pre-payment of up to $500m.
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The report said that this information was provided in a document filed with the Securities and Exchange Commission of Brazil (CVM).
Other details of the deal was not disclosed in the document.
The development comes a few days after the Brazilian iron ore exporter announced capital expenditure (CAPEX) of $2.6bn for the fiscal year 2023-27.
The new investment will allow CSN Mineracao to boost iron ore availability from the existing 34Mt in the current year to 68Mt by 2027.
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By GlobalDataThis iron ore deal was initiated in 2019, with announcement at that time revealing that CSN Mineração will make a pre-payment of $500m for supplying around 22Mt of iron ore over five years.
CSN Mineração is the second largest iron ore exporter in Brazil and owns two mines in the country – Casa de Pedra and Engenho.
The Joint Ore Reserves Committee (JORC) claims that the firm owns more than three billion tonnes of certified reserves.
Furthermore, the company owns a captive terminal in the Port of Itaguaí, Brazil for exporting iron ore, a Pires beneficiation complex and a stake in the MRS railroad.
