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OAO Severstal (“Severstal”) (LSE: SVST; RTS: CHMF), one of the world’s leading vertically integrated steel and mining companies, announces that it has acquired a 25% stake in the Brazilian company SPG Mineração (“SPG”).
The total consideration of the deal is $ 49 mln payable
Severstal believes that the Amapa project has high potential with an estimated resources potential of 0.5 — 1.5 billion tonnes with an approximately 40−45 % Fe grade. Production potential is estimated at around 10−20 million tonnes of iron ore concentrate. The project is located near to a railway and a port, however, the company intends to consider developing its own logistics solution, with a few options are currently considered.
Investing in primary