September 14,
SK Networks Co. makes the largest investment in Iron ore by any South Korean company. It may secure 9 million MT of the commodity a year from the planned $700 million investment in MMX Mineracao & Metalicos SA.
The steelmaking material from Brazil’s MMX may account for 17% of South Korea’s annual consumption, “The investment will boost SK Network’s business in the South American market and strengthen its position in the global resources industry,” the company said in the statement.
SK Networks said in January it aims to secure 50 million tons of Iron ore annually by 2025 to increase its business in China, the biggest consumer of the commodity.
Source: Bloomberg
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