Via SCMP:
Brazilian port operator Grao Para Multimodal’s executive director, Paulo Salvador, knows there is plenty of untapped high-grade iron ore in northern Brazil, but a mix of bureaucracy and limited capital have stymied efforts to begin production for years.
Across the states of Para, Piaui and Tocantins, there are at least three mines amounting to nearly 10 billion tonnes of iron ore reserves ready for production, but they continue to sit idle, he said, adding that those deposits are only the tip of the iron ore iceberg in Brazil.
With commercial will and financial resources, however, enough iron ore could be produced from these mines to rebalance the market that is seeing record-high iron ore prices, and to satisfy China’s demand for the metal, according to Salvador. There are plenty of raw materials to go around, but the key is extracting them, he said.
