Zamin Ferrous completes acquisition of Brazilian iron ore mine

KOLKATA: Zamin Ferrous, a mining group founded by Pramod Agarwal, has completed acquisition of Amapa iron ore mine in Brazil from British firm Anglo American for an initial cash consideration of $134 million, or about 832 crore.

Announcing the deal on Monday, Zamin said it will also pay a conditional deferred consideration of up to $130 million to Anglo American over a five-year period, based on the market price for iron ore. It said it has received necessary regulatory approvals for the 100% acquisition.

"It is our fourth investment in Brazil," said Agarwal, who spent 30 years in the global commodity business before founding Zamin Ferrous in 2004.