Brazil’s Lula Attends Signing of ITG02 Terminal Concession Contract in Itaguaí

President Luiz Inácio Lula da Silva attended the signing ceremony of the concession contract for the ITG02 terminal in Itaguaí, Rio de Janeiro, on Friday, February 21. The event marks a major milestone for Rio de Janeiro’s port sector. Cedro Participações S.A. secured the terminal in last December’s auction and is set to invest R$3.58 billion in the project.

According to the Ministry of Ports and Airports, this is the highest bid ever recorded in a port auction. Spanning 250,000 square meters, the terminal will have the capacity to handle 20 million tonnes per year, boosting port throughput by one-third.

“This is the largest auction in Brazil’s port history. The initial R$3.6 billion investment will grow to nearly R$10 billion over time. This means that during the construction phase alone, 2,800 direct jobs will be created, in addition to indirect employment opportunities. Once the terminal is operational, it will generate over 2,000 direct jobs, bringing opportunities to the local population,” said Ports and Airports Minister Silvio Costa Filho during the event.

The terminal’s operations will focus primarily on iron ore. At the ceremony, officials also announced the allocation of 2024 and 2025 funds from the Merchant Marine Fund, with contracts totaling R$5.49 billion signed.

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