ENRC to Invest $6.8bn in Kazakhstan and Brazil

6 March 2011 (Last Updated March 6th, 2011 18:30)

UK-based Eurasian Natural Resources (ENRC) is planning to invest $6.8bn in Kazakhstan and Brazil to increase its iron-ore output in those countries. ENRC CEO Felix Vulis told Bloomberg that the firm expects to increase its output to 70 million tons annually by 2016. ENRC wil

UK-based Eurasian Natural Resources (ENRC) is planning to invest $6.8bn in Kazakhstan and Brazil to increase its iron-ore output in those countries.

ENRC CEO Felix Vulis told Bloomberg that the firm expects to increase its output to 70 million tons annually by 2016.

ENRC will invest $2.1bn to expand iron-ore operations in Kazakhstan to increase its output to 23 million tons by 2015.

In Brazil, the firm plans to invest $2.1bn into the Bahia Mineracao project, which is expected to begin production in 2013 with an annual capacity of 19.5 million tons.

ENRC will also invest $2.6bn to develop the Jiboia iron-ore site in Brazil, which is due to begin production in 2013 with an annual capacity of 25 million tons of ore.