Brazil Iron Mineração Ltda, the Brazilian arm of UK based Brazil Iron Ltd, unveiled plans to invest $5 billion in an iron ore project in the northeastern state of Bahia.
The project will be developed in association with CBPM, the Bahia state minerals research company.
It is the first time that CBPM will participate in a similar partnership, as main objectives, according to its president, Henrique Carballal, to reduce the environmental impact of the project and to minimize problems related to the communities located next to the mine.
According to Brazil Iron, the project covers the first integrated producer of green pellet feed, pellets and HBI, with net-zero carbon emissions. It also includes the annual production of 10 million mt of green pellet feed, 7 million mt of green pellets, and 5.0 million mt of direct reduction iron in the form of HBI.
Brazil Iron mentioned that it is in located the center of the state of Bahia, where world class iron ore resources can be found, within an established and growing network of renewable energy generation projects, adding that its operations will become a project of reference as it revolutionizes the iron and steel industry.
Located in Piatã, 600 km west of the state capital Salvador, the project is scheduled to conclude in 2028, including the construction of a railroad.