March 2 (Bloomberg) -- 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.
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