Kazakh miner buys up Brazil's Bahia Minerals

21st September 2010, Comments 0 comments

London-listed Kazakh mining company ENRC said Tuesday it had boosted its iron ore assets by buying full control of Brazil's Bahia Minerals for 670 million dollars (510 million euros).

Eurasian Natural Resources Corporation already owned 50 percent of the Brazilian company's shares.

ENRC also secured an option to buy another Brazilian iron ore mining company, Greystone, for 150 million dollars, the company's statement said.

"This acquisition of BMBV and the option over Greystone are consistent with ENRC's commodity driven acquisition strategy focused on high growth projects in developing mining regions," ENRC chief executive Felix Vulis said.

"We remain positive on the fundamentals of the iron ore industry," he said.

© 2010 AFP

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