Super Port Acu LLX Minas-Rio

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In June 2007, LLX Logistica, a subsidiary of EBX Capital Partners, was granted an authorization to build, own and operate a port located in the city of São João da Barra (Rio de Janeiro state). Two subsidiaries of LLX were to operate the facilities: LLX Minas-Rio, which was owned by LLX (51%) and the British mining company Anglo American (49%); and LLX Acu, which was owned by LLX (70%) and LLX’s subsidiary Centennial (30%). Set in water with a depth of 18.5 meters, the port was designed to accommodate capsize bulk carriers with 220,000t capacity, as well as super containerships with 11,000 TEU capacity. The new port was expected to contain a thermo-power plant, pelletizing plants, steel complex, metal-mechanical hub and an iron ore terminal. LLX Minas-Rio undertook the responsibility of the operation of two berths and terminals dedicated to store and transport mining products. LLX Minas-Rio estimated that around 70% of the ore to be exported using the port facilities would be supplied by its shareholders, while 30% would come from other mining companies located in the region. The total investment of LLX Minas-Rios was expected to be US$ 900 million. In Jan. 2009, BNDES approved a BRL 1,321 billion to LLX Minas-Rio through a project finance facility (73/27 debt/equity ratio): half of this value was to be transferred directly to the company, while the other half would be transferred to the company through the banks Unibanco and Itau (risk-sharing strategy of BNDES). In 2009, all environmental licenses had already been granted for these projects and the operations were expected to commence in 2012 (construction works started in the second half of 2007). In August 2013, EBX Group faced financial difficulties and sold part of its shares in LLX, the subsidiary which undertook its port ventures. LLX Minas-Rio's shares that belonged to EBX was acquired by Prumo Logistica Global, a partnership of EBX (20.8%), EIG Global Energy Partners (53%) and small investors (26.2%). The project company was renamed Ferroport. By the end of 2013, the Japanese company Marubeni acquired EBX's shares in Prumo Logistica Global and, in 2014, EIG increased its stake in the company. By the end of 2015, Prumo's shareholders were EIG (74.3%), Marubeni (6,7%) and small local investors (19%). Commercial operations commenced in October 2014. Source of information: sponsor's website, BNDES