Iron mine in Amapá resumes export operations
Aug, 04, 2021 Posted by Ruth HollardWeek 202131
The Pedra Branca do Amapari mine, in the state of Amapá, has resumed its operations. The mine which belonged to Zamin expects to complete the shipment of 180 million tons of iron ore to China this month.
The ore shipments are part of the inventory of around 1 million tons managed by DEV Mineração, Zamin’s successor in the project. This export was delayed for two years, as this stock was given as a fiduciary guarantee to the group of three creditor banks during the legally backed debt/finance restructuring of 2019.
According to Donelli e Abreu Sodré Advogados, which is in charge of the legally backed restructuring, the delay in shipments occurred because the banks’ union has not yet approved the stock as a payment guarantee. The company entered the São Paulo Court of Justice and managed to release part of the volume to export to maintain the operation and pay off debts.
The objective is to pay off debts and start investments to resume the operation, mainly with the rehabilitation of the port of Santana. The first shipments were made in March this year.
Source: Valor Econômico
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