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Trafigura Postpones its Brazilian Iron Ore Port Opening to 2015

Trafigura postponed the opening of its iron ore export terminal Porto Sudeste in Brazil to next year 2015. The company has got a contract to trade ore through the port.

In June, the company said that it would open the port in third quarter of this year. But, now they decided to delay the start of the port operations. The company has a controlling share in the port with the Mubadala Development Co of Abu Dhabi.
Chief Executive officer of Usinas Siderúrgicas de Minas Gerais S.A, Julian Eguren said that the port would start the operations between this year end and next year beginning. This delay would affect the steel mills of Brazil which are mid-sized iron ore producers.
The company along with Mubadala acquired the controlling stake in the port from the company MMX Mineração e Metálicos SA last year for about $1 billion. Company said that the port would handle 50 million tonnes of iron ore per annum and in the future it would increase up to 100 million tonnes per year.

Source:Scrap Monster


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