Cosan Group, a Brazilian energy and logistics company, has formed a joint venture with Grupo Paulo Brito to enter the mining industry. Through the JV, the partners will own exploration rights in three mineral projects in northern Brazil, in the state of Para, near Paraupebas.
As part of the agreement, Cosan’s subsidiary Atlântico will acquire the Sao Luis Port Company in Maranhão for $134m from China Communications Construction Co., then transfer ownership of the port to the JV. The port will be used in transporting iron ore.
The integrated mining and logistics JV plans to commission its first mineral project in 2025.
Cosan said in a press release, “Exploration activities will comply with the highest environmental and safety standards, in line with our sustainable capital allocation commitments and supported by the ‘EESG’ principles of Cosan Group.”