ENRC boosts Brazil presence with $670 mln iron deal

Eurasian Natural Resources Corporation Plc (LON:ENRC) has agreed to pay $670 million to expand its presence in Brazilian iron ore and further diversify into another emerging market, Latin America.

The press release is quoted as saying:

London-listed Eurasian Natural Resources Corporation Plc has been on a takeover spree over the past year, using its cash pile to buy assets mostly in Africa to build up a broad-based mining house focused on emerging markets. It will pay $670 million to Swiss group Zamin Ferrous for the 50 percent of iron ore developer Bahia Minerals BV it does not already own and also got an option allowing it to buy an adjoining project for up to $150 million.

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