Samarco kicks off operations at US$2.9bn pellet plant
Brazilian pellet maker Samarco has started operations at its 6.4bn-real (US$2.85bn) pellet plant in Espírito Santo state.
The plant, which is Samarco's fourth, is expected to add US$1bn to its export revenues this year, taking the total to US$4bn, local press reported.
The new plant ups Samarco's production capacity by 37% to 30.5Mt.
The company sees growing demand and recovery in the US, the Middle East and in Japan, according to CEO Ricardo Vescovi. Thanks to previous efforts to diversify its client base, Samarco is no longer so exposed to the Chinese economy, the executive was reported as saying at the plant's opening ceremony.
In 2013, Chinese clients consumed just 15% of Samarco's exports, down from a 25% share previously.
Nearly 30% of exports last year were sent to the Middle East and North Africa, 40% were shipped to Europe and Asia (excepting China) and 15% to the Americas.
Samarco is a 50:50 JV between Brazilian miner Vale (NYSE: VALE) and multinational resource group BHP Billiton (NYSE: BHP).
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