Ferrexpo, a London-listed Ukrainian iron ore miner, said on Wednesday it had bought a 14.4 per cent stake in Brazilian mining group Ferrous Resources do Brasil for $80m.
The announcement marks Ferrexpo’s first significant expansion outside Ukraine and comes weeks after Kostyantin Zhevago, its majority owner, said the company was on track to continue supplanting its Brazilian rivals – including Vale, the world’s biggest iron ore exporter – as a supplier to Asian steelmakers.
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