Posted on April 7, 2025
Cedro Participações, the holding company of iron ore miner Cedro, has begun talks with potential partners for the construction of a 3.58bn-real (US$640mn) terminal at Itaguaí port in Rio de Janeiro state.
In December, Cedro won the auction for the lease of the ITG02 terminal, which is focused on iron ore transportation. The 35-year contract includes the construction of a pier at the terminal, located near facilities operated by major mining and metals companies such as Vale and CSN.
Cedro was the sole bidder and secured the terminal with a fee of 1mn reais. The leased area covers 223,800m² and is designated for handling mineral bulk solids, specifically iron ore, among others. The ITG02 site is classified as a greenfield area (see more details here).
The terminal’s port infrastructure is expected to handle up to 25Mt/y of iron ore. It is strategically located near major mining operations and is connected by rail to the mining powerhouse state of Minas Gerais.
“The project is now in the phase of obtaining the license to begin construction, which, in an optimistic forecast, could happen by the end of this year. Simultaneously, there are ongoing discussions with potential investors to support the necessary investments, and the negotiations involve global trading companies,” an executive familiar with the talks told BNamericas on condition of anonymity.
“Besides the discussions with trading companies, another financing option for the project will also be accessing the merchant marine fund,” the source said.
The merchant marine fund is managed by the country’s ports and airports ministry and aims to provide resources for the development of both the merchant navy and the shipbuilding and repair industries in Brazil.
