Ashish Deora Real Estate Innovation

30 October, 2015

India's Zamin Ferrous exits mining project in Uruguay

Montevideo, Oct 30 (EFE).- India's Zamin Ferrous has turned over Aratiri, a gigantic iron mining project in the heart of Uruguay, to another Indian company, Aurum Ventures, Uruguayan Deputy Economy Minister Pablo Ferreri said.

"Yes, there are new players. They've already already expressed interest and have introduced themselves to the Uruguayan government," Ferreri told EFE.

The content of the talks is "private," Ferreri said, adding that the company and officials had engaged in "basically, informal meetings."

President Tabare Vazquez's administration will have to determine what the strategy is for Aratiri, Ferreri said.

Plans call for more than $1 billion in investment in the 6,210-hectare (15,333-acre) mining complex, which would have a 212-kilometer (131-mile) slurry pipeline and a port on the Atlantic Ocean with the capacity to handle exports of 18 million tons of iron annually.

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