Cosan buys Port of São Luís and announces mining joint venture

Brazilian Cosan has just announced that it has signed a binding proposal to purchase 100% of the operations of the Port of São Luís, in Maranhão, for R$720 million.

The announcement was made through disclosure of a material fact released at 6:12 pm. Under the terms of the document, Cosan, through its subsidiary, Atlântico Participações, entered into an agreement with the China Communications Construction Company (CCCC) group, the port’s controlling shareholder, and the other minority shareholders of the operation.

According to Cosan, the agreement, centered on the mining and logistics segments, marks its new investment strategy, through which it will invest resources in new businesses of its own and, eventually, also in third-party businesses.

Also along this line, the group announced that it will enter the mining sector. This will happen through Atlântico Participações, which signed a binding memorandum of understanding with the Paulo Brito Group, founder and controller of Aura Minerals, a mining company focused on gold and copper. The two companies are forming a joint venture to mine iron ore.

The agreement in question provides that Atlântico will hold 37% of the total capital and shared control of the new company, with 50% of the common shares in the operation. “Cosan enters with a strategic partner in a new line of business, contributing with its port logistics and management expertise”, highlighted the company in the material fact.

Cosan also highlighted that the joint venture will be an integrated mining and logistics company, which, in addition to the Port, will own mineral rights for mining assets in 3 mineral projects located in the state of Pará, with significant potential for iron ore reserves.

Source: Neofeed

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