East China Mineral Exploration and Development Bureau (ECE) is to buy the Itaminas iron ore mine in Brazil for $1.2 billion. The two companies signed a letter of intent on Wednesday according to Winbros, a consultant hired by Itaminas for the transaction.
The mine has debts of $400 million and an estimated reserve of 1.3 billion tonnes of iron ore reserves and is said to be able to produce 25 million tonnes per annum with additional investment,
ECE, which has assets in Indonesia, Australia and Mexico, last September took a controlling stake in London-listed African copper miner Weatherly International Plc which has four copper mines in Namibia.
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