India-based iron ore mining companies and China-based steel mills have been the first to show interest in Brazil’s giant PI4 iron ore deposits. Mr Joao Carlos Cavalcanti, partner in Brazil’s Global Mining Exploration, said a meeting was scheduled with the Indian group, which he could not name for confidentiality reasons, around 17 July. Mr Cavalcanti said that GME4 had also received a delegation last week in Sao Paulo representing a pool of six small Chinese steel mills who were also interested in PI4. He has recently returned from a meeting with mining investors in London, Goa and South Africa. GME4 aims to sell an 80% stake in its USD 2.4 billion valued, 800 million tonne PI4 iron ore mine in Piaui State in NE Brazil. The Piaui deposits have around 32% iron content and are 16km from the route of the Transnordestina Railroad, which is expected to be operational in 2011. The railroad will connect two relatively new deepwater ports: Suape near Recife, and Pecem, near Fortaleza.
