Cedro Participações signs Port of Itaguaí concession contract

In a ceremony attended by President Luiz Inácio Lula da Silva and the Minister of Ports and Airports, Silvio Costa Filho, Lucas Kallas, chairman of the board of Cedro Participações, signed the concession contract for the ITG-02 area at the Port of Itaguaí, in Rio de Janeiro. The event took place on Friday, February 21, and was covered by a number of national and regional media outlets, such as IstoÉ Dinheiro, Uol, Estado de Minas and Itatiaia.

The company, whose businesses include Cedro Mineração, plans to invest R$3.6 billion in the area, where it will build a storage and handling terminal for solid mineral bulk, with the capacity to handle 20 million tons a year. The site, known as "Porto do Meio", is approximately 350,000 square meters.

"I'd like to thank the businessman Lucas who decided to invest here. I learned from my mother that when you want to know if someone is honest and hard-working, you don't have to look at their mouth, you have to look at their eyes. And comrade Lucas, from the moment he was brought into my office saying that he wanted to invest in mining in the country, I knew right away that I was talking to a serious businessman who loves Brazil and hopes for Brazil's growth," said President Lula in his speech.

According to the publication, during the ceremony, Kallas highlighted the importance of the port in increasing the competitiveness of Brazilian mineral activity and its gains in sustainability. "This new route will increase the competitiveness of Brazilian mining on the global stage and, at the same time, bring significant benefits to the environment and the country's infrastructure. It will take 5,000 trucks a day off the roads and reduce CO2 emissions by more than 40,000 tons," he said.

With the investment, Cedro Participações will be the first 100% Brazilian, privately-held iron ore mining company to verticalize its operations. The company plans to use its outlet to the sea to export pellet feed, a high-quality iron ore capable of reducing carbon emissions in the steel industry by up to 50%. But the terminal will also benefit other mining companies. "This new terminal is a milestone not only for Cedro, but for the entire mining sector, because it will open up a new export channel for all medium-sized mining companies," says Eduardo Couto, a board member of Sindiextra (Minas Gerais State Mineral Industry Union).

Construction is scheduled to begin in 2027 and last until 2029, according to the publication.

The full article in Istoé Dinheiro can be read here.

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