UAE-based JFR Investments secures major mining deal in Brazil

JFR will get access to largescale mining concessions with quality reserve prospects for copper, gold, silver, nickel, iron ore and tantalite

  
Coal mineral exploitation. Image used for illustrative purpose.

Coal mineral exploitation. Image used for illustrative purpose.

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UAE-based JFR Investments, part of Angola-based Ridge Solutions Group, said on Wednesday that it has signed a major mining partnership and investment agreement with Brazil’s JBP Cabral Minerios to develop the South American company’s portfolio of upstream mining assets.

JFR Investments said in a statement that the agreement will give it access to the Brazilian partner’s large- scale mining concessions with quality reserve prospects for copper, gold, silver, nickel, iron ore and tantalite.

JFR’s Chairman and Executive President Jose Ferreira Ramos, said: “This major milestone is part of our commitment to formulate integrated vertical business model for our energy arm covering upstream, downstream, mid-stream and trading.”

“Our strategic initiatives will materialise these mining concessions and scale up production, with our UAE-based trading arm, RS Global Energy, catering to the growing portfolio of trading transactions across multiple geographies.”

The agreement, whose value wasn’t disclosed, will also position the UAE-Brazil partnership as a major player in the Brazilian copper mining sector.

Ramos said: “Our target copper production, at the initial phase, will reach 18,000 metric tonnes and scale up to more than 105,000 metric tonnes, over the long-term. Our short-term accumulative copper production target of over 432,000 metric tonnes will increase exponentially as JBP Cabral Minerios has secured large-scale mining concessions over an area 39,055 hectares in the state of Para.”

“We continue to further integrate our operations with development of the downstream assets in future to leverage value across the supply chain,” he added.

In October 2020, Zawya had reported RS Global Energy signed a copper cathode supply transaction with China’s Tongling Samho, its second such transaction in 2020 following a five-year supply deal signed with Xinjiang Wal Optoelectronic Technology in April with revenue potential in excess of $2 billion.

(Writing by Anoop Menon; editing by Seban Scaria)

(anoop.menon@refinitiv.com)

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