- Tombador Iron (TI1) pens agreement with USIMINAS to supply iron ore from the Trombador mine in Brazil
- The agreement includes the delivery of a flexible monthly volume of iron ore by the end of 2023
- Tombador CEO Gabriel Oliva says the company is “delighted” to form a partnership with “one of the largest steel mills in Brazil”
- It adds to the company’s growth within the domestic market following its first shipment from Brazil almost two years ago
- Shares in TI1 are up 10.42 per cent and trading at 2.7 cents at 2:36 pm AEDT
Tombador Iron (TI1) has penned an agreement with USIMINAS to supply iron ore from the Trombador mine in Brazil.
USIMINAS is one of the largest producers of steel in the Americas and owns one of the largest steel mills in Brazil.
The BVMF-listed steelmaking giant accounts for around 28 per cent of total steel output in Brazil, with a total capacity of 9.5 million metric tonnes of steel per year.
Tombador CEO Gabriel Oliva said the company was “delighted” to partner with USIMINAS.
“USIMINAS is one of the largest steel mills in Brazil and we are delighted to have forged a relationship with a company of such calibre,” Mr Oliva said.
“This partnership provides the cornerstone for developing long-term contracts with the
domestic market.”
The company said it aimed to extend its Brazilian market footprint, securing long-term agreements with top-tier steel companies within the domestic market, similar to its USIMINAS agreement.
Tombador also reported that its lump ore remained the highest-grade lump ore produced in Brazil.
Shares in TI1 were up 10.42 per cent and trading at 2.7 cents at 2:36 pm AEDT.