Brazil’s J&F to invest more than $1 billion in mining assets bought from Vale
Reuters | October 20, 2023 | 8:09 am Latin America Iron Ore
Iron ore briquettes. Image: Vale.
Brazilian holding firm J&F Investimentos will invest more than $1 billion in the mining assets it bought from Vale last year, it said.
The firm, owned by the billionaire Batista family that owns the meat industry giant JBS SA, plans to boost its output in iron ore and manganese mines in Mato Grosso do Sul state in Brazil.
Since taking over the mines, J&F has managed to double its 2021 production to 4 million tons of ore.
With the investment, the goal is to reach 10 million tons by the end of next year, as well as improve logistics.
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