Agarwal to build $1.6 bn mine in Brazil

Bahia Mineracao, a Brazilian mining company owned by Indian commodities trader and investor Pramod Agarwal, plans to invest $1.6 billion to build an iron-ore mine in Brazil to produce the steelmaking ingredient for export.

The mine, to be located in Caetite, a town in the northeastern state of Bahia, will mix iron-ore with water and send it as a slurry to an Atlantic coast port using a 400 kilometer-long (250 miles) pipeline, Sao Paulo-based Bahia Mineracao said in an e-mailed statement.

Agarwal, who is based in London, hired Merrill Lynch & Co. to handle the financial arrangements for the mine project, the company said in its statement.

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