ENRC to Produce 45 Million Tons of Iron Ore in Brazil, IFX Says

Eurasian Natural Resources Corp. plans to produce 45 million metric tons of iron ore at its project in Brazil after three years, Interfax reported.

ENRC will invest about $3 billion at the site, helping it become the world’s fifth-largest iron ore producer, founder Alexander Machkevitch said today, the news service reported.

The company will also boost iron-ore concentrate output at its Sokolovsko-Sarbaiskoye GOK unit in Kazakhstan to 25 million tons from 18 million tons now using Chinese funding, Machkevitch said in the nation’s port of Pavlodar, according to Interfax.

State-owned National Wellbeing Fund Samruk-Kazyna last month agreed to borrow $1.6 billion to finance projects at Sokolovsko-Sarbaiskoye GOK and $400 million for Kazchrome from China Development Bank Corp., Interfax said.

Asel Kurmanalieva, a spokeswoman for ENRC, declined to comment immediately when contacted by phone in the Kazakh capital of Astana.

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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