Viridion JV signs MoU to secure rare earth magnet supply chain in Brazil
SENAI’s LabFab facility is targeting a ramp up in NdFeB production to 100 tonnes per annum by the end of 2026.
Japan’s Itochu Corp said on Wednesday that it agreed with Brazil’s steel company Companhia Siderúrgica Nacional (CSN) to buy a 10.74% stake in CSN’s iron ore unit CSN Mineracao (CM) from CSN for about 4.42 billion real ($769 million).
CM is the leading iron ore producer and distributor in Brazil. This is an additional investment as Itochu has indirectly invested 7.15% in CM since 2008, the Japanese trading company said in a statement.
($1 = 5.7508 reais)
(By Yuka Obayashi; Editing by Kim Coghill)
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