Brazilian mining company Cedro Participações has secured a BRL 3.9 billion credit line from Brazil's Merchant Marine Fund to build an iron ore terminal at Itaguaí port near Rio de Janeiro. 

The 35-year lease for the ITG02 greenfield site will handle up to 25Mt/y of iron ore, connecting Minas Gerais' mining region via rail. Located near Vale and CSN facilities, the terminal aims to serve both Cedro's expanded production (targeting 22Mt/y by 2028) and smaller regional miners. 

The company is negotiating with potential partners, including commodity traders, while finalizing construction permits for a late-2025 start. The project strengthens Brazil's iron ore logistics alongside major mining operations.