- JFR will get access to large-scale mining concessions with quality reserve prospects for copper, gold, silver, nickel, iron ore and tantalite
- Deal likely to position the UAE-Brazil partnership as a major player in Brazilian copper mining sector
The UAE-based JFR Investments, part of the Angola-based Ridge Solutions Group, said on Wednesday that it has signed a major mining partnership and investment agreement with Brazil’s JBP Cabral Minerios to develop the South American company’s portfolio of upstream mining assets.
The JFR Investments said in a statement that the agreement will give it access to the Brazilian partner’s large-scale mining concessions with quality reserve prospects for copper, gold, silver, nickel, iron ore and tantalite.
Jose Ferreira Ramos, JFR chairman and executive president, said, “This major milestone is part of our commitment to formulating an integrated vertical business model for our energy arm covering upstream, downstream, mid-stream and trading.”
“Our strategic initiatives will materialize these mining concessions and scale up production, with our UAE-based trading arm, RS Global Energy, catering to the growing portfolio of trading transactions across multiple geographies.”
The agreement, whose value wasn’t disclosed, will also position the UAE-Brazil partnership as a major player in the Brazilian copper mining sector.
Ramos said the company’s copper production target in the initial phase would reach 18,000 metric tonnes, which could be scaled up to more than 105,000 metric tonnes over the long term.
“Our short-term accumulative copper production target of over 432,000 metric tonnes will increase exponentially as JBP Cabral Minerios has secured large-scale mining concessions over an area of 39,055 hectares in the state of Para, he said.
“We continue to further integrate our operations with the development of the downstream assets in the future to leverage value across the supply chain,” he added.
In October 2020, Zawya had reported that RS Global Energy signed a copper cathode supply transaction with China’s TonglingSamho, its second such transaction in 2020 following a five-year supply deal signed with Xinjiang Wal Optoelectronic Technology in April with revenue potential in excess of $2 billion.