Brazil's Gerdau has confirmed the discovery of 138 million tons of iron ore at the Miguel Burnier deposit in Minas Gerais, with probable reserves of 338 million tons. The discovered reserves will allow the deposit to be mined for the next 40 years.
Gerdau plans to increase iron ore production at the mine from 1.2 million tons to 5.5 million tons per year by 2026. To achieve this, it will invest R$3.2 billion (about $665 million) in the mine, which will include modern equipment, a dry storage area and a 15 km pipeline to the Gerdau Acominas plant near Ouro Branco.
The mine will also feed Gerdau's operations in Barão de Cocaís, Divinópolis and Seti Lagoas in Minas Gerais.