Twelve-billion-tonne iron ore deposit found in Minas Gerais

Attending the second day of Exposibram, a mining summit in the capital city of Minas Gerais, an officer at the state government said Minas Gerais is seeking to develop an iron ore deposit that may hold 12 billion metric tonnes of the raw material or more. Economic Development Secretary Sérgio Barroso said a group of companies whose members could not be declined is measuring the reserves, located in the northern part of the state.

Barroso also said the area may later be put for sale for major mining companies and that the state will offer transport and tax support. For your information, Vale ended 2008 with proven reserves of 9 billion metric tonnes, according to the company’s website, and Asia`s biggest deposit, in northern China, holds about 3 billion metric tonnes. According to Barroso, an initial study of amount of the reserves may be ready within two months.