Brazilian iron ore miner CSN Mineração to raise up to US$500mn
The board of CSN Mineração authorized the company to raise up to US$500mn through an offtake agreement signed with Glencore, the Brazilian iron ore miner said in a statement.
It did not reveal the amount of iron ore involved.
The deal is part of CSN Mineração’s plans to finance an expansion of production.
Earlier this month, the firm, a subsidiary of steelmaker CSN, announced capex of 13.8bn reais (US$2.6bn) for 2023-27.
With the investment, the company looks to increase its own production and the purchase of iron ore from third parties from 34Mt this year to 68Mt in 2027.
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News in: Mining & Metals (Brazil)
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Brazil's CSN Mineração concludes new financing deal with Glencore
The iron ore miner will obtain up to US$500mn through an offtake agreement with the Switzerland-based resources group.
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