Zamin Ferrous has acquired Amapa iron ore mine in Brazil from British firm Anglo American for an initial cash consideration of $134 million, or about Rs 832 crore. Zamin Ferrous is a mining group founded by Pramod Agarwal.
Zamin said it will also pay a conditional deferred consideration of up to $130 million to Anglo American over a five-year period, based on the market price for iron ore.
The company said it has received necessary regulatory approvals for the 100 per cent acquisition. It is the company's fourth investment in Brazil, said Agarwal, who spent 30 years in the global commodity business before founding Zamin Ferrous in 2004.