Chinese considering investing in steel plant in Brazil's Mato Grosso state
Bnamericas Published: Thursday, June 13, 2013
A Chinese initiative led by the Asian country's national development bank ( CDB) has set as a potential project a 1bn reais (US$467.2bn) investment in the construction of a steel plant in Brazil's mid-western Mato Grosso state, local press reported. According to the Chinese delegation, the investment in a local steel plant would meet China's growing steel demand and Mato Grosso state's domestic market. CDB's executives are looking to take advantage of the Serra dos Caetés iron ore deposit, in Mato Grosso. However to supply the steel plant the best solution to transport the material produced in Caetés would be through the construction of an iron ore pipeline. Several Chinese companies already operate in Mato Grosso, through a partnership between China's State Grid and Brazilian power utility Copel, which are investing 1bn reais in the construction of a railway line between the cities of Paranaíta and Ribeirãozinho.
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