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Kazakhstan invests in Brazil's mining industry

29 May 2019 08:19

NUR-SULTAN. KAZINFORM - Last week Ambassador of Republic of Kazakhstan to Brazil Kairat Sarzhanov took part in the signing ceremony of an agreement between the administration of the Brazilian state of Bahia and the company «Bahia Mineração» on the creation of a special purpose entity to implement the «Porto Sul» sea port project in the Aritagua area in the municipality of Ilheus (Bahia state), and combining its two private terminals, Kazinform has learnt from the press service of the Kazakh MFA.

During the visit to Salvador city the Ambassador met with the Governor of the state Rui Costa, the President of the Federation of Industries of the state of Bahia (Federação das Indústrias do Estado da Bahia, FIEB) Ricardo Alban and the President of the Federation's Council for Foreign Trade (Conselho de Comércio Exterior, COMEX) Angelo Junior, in which the prospects for trade, economic and investment cooperation between the Brazilian state of Bahia and Kazakhstan were discussed.

Bahia Mineração, a subsidiary of the Eurasian Resources Group (ERG), 40% of which is owned by the government of Kazakhstan, is implementing the «Pedra de Ferro» iron ore production complex in Caetite municipality, Bahia state. The total ERG investment in the iron ore complex is 1.5 billion dollars. Bahia Mineração will also invest in the construction of the «Porto Sul» seaport and plans to take part in the construction of the section of the East-West integration railway (Ferrovia de Integração Oeste-Leste, FIOL), which will connect the «Pedra de Ferro» complex for the transportation of iron ore with the seaport.

Keywords: Kazakhstan, Foreign policy ,