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Bloomberg

Brazil Iron Said to Make $1 Billion Offer for Eurasian Resources Mine Project

Brazil Iron Ltd. has made an offer of about $1 billion to buy a South American mine project owned by Eurasian Resources Group, according to a person familiar with the matter. The closely held British company is seeking to acquire ERG's Bahia Mineração, also known as Bamin, for its integrated mining and logistics project in northeast Brazil that includes an iron ore mine, a future deep sea port and rail link. Brazil Iron signed a non-disclosure agreement with Kazakhstan-backed ERG, said the person, who asked not to be identified discussing a private deal.