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CSN Mining Should Invest Over 350 Million to Expand the Mining Industry in the Minas Gerais Region, and Everything Indicates That New Jobs Will Emerge
The Brazilian iron ore and flat steel producer, CSN Mining, has secured financing for investment in its Casa de Pedra mine in Congonhas, in the state of Minas Gerais, and for the generation of new jobs in the region.
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CSN Mining Signs 12-Year Contract and New Investment in Minas Gerais
Currently, CSN has the capacity to produce 33 million tons per year of iron ore, with the vast majority coming from the Casa de Pedra mine in the Minas Gerais region. It plans to expand to 108 million tons per year by 2033. The expectation is that new jobs will be generated.
Through its mining division CSN Mining, CSN has signed a 12-year agreement for investments that promise to trigger a significant boom in the mining industry of Minas Gerais.
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Promoting Job Creation in Minas Gerais, the Company Celebrates
With the loan from CSN Mining, the company promises to invest in improvements in the mining industry and, primarily, the expansion of operations at the Casa de Pedra mine in the Minas Gerais region, with the expectation that new jobs will be generated.
The company also announced new investments for changes in its tailings filtration process to ensure the quality of iron ore supply for its Japanese clients.
CSN revealed its plans to increase iron ore capacity along with the announcement of an initial public offering of shares of CSN Mining on the Brazilian Stock Exchange, B3, in September 2020.
Like other iron ore mining companies, the company began using dry stacking filtration techniques for waste storage, instead of continuing to rely on dams after the government introduced stricter regulations in response to the tailings dam disaster in Brumadinho, at Vale’s Córrego do Feijão mine, in January 2019.
About the Company
CSN Mining S.A. is the second-largest exporter of iron ore in Brazil and is among the five most competitive in the transoceanic market. The current shareholding composition (data from 09.03.2021) of CMIN is composed of CSN (79.14%), a consortium of Asian companies (11.30%), and other shareholders (9.55%).
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