The Luxembourg-based Eurasian Resources Group (ERG), a leading diversified natural resources producer, signed an agreement with the Brazilian government to invest in the construction of Porto Sul, which would help ERG's subsidiary, BAMIN, to increase the effectiveness of iron ore mining and logistics transportation.

Brazilian government indicated the main purpose of this construction project was to increase the transportation and storage of iron ore, grain, and fertilizers, especially to increase the production capacity of iron ore to 41.5 million tons per year.

ERG said that the investment scale was about 10 billion reais and expected it was the first step of cooperation between the company and the Brazilian government. The company also looked forward to having further strategic alliances for local development and construction in the future.