The Brazilian minister for Ports and Airports, Silvio Costa Filho, announced that an area in the Port of Itaguai, Rio de Janeiro, will be auctioned in October. Known as ITG 02 or "The Middle Area," this 349,000 square meter site requires an estimated $600 million investment for development.
The auction aims to benefit smaller miners by prioritizing their bids over larger companies like Vale and CSN. Approval from the union accounts court is still pending before the auction can proceed.
