From Finance Institutions in Mining

Jump to: navigation, search
This page was last modified on 19 March 2012, at 21:36.

Pramod Agarwal

Pramod Agarwal
Based in Jersey, Sao Paulo, Montevideo
Active in Brazil, Uruguay
Targeted base metals

Pramod Agarwal is an Indian-born metals commodities trader and investor living in London, who is believed to represent the interests of steel supremo, Lakshmi Mittal [Wall Street Journal, 16 April 2009]. His main mining holdings are through Zamin Ferrous, which he founded.

Until 2009, Zamin Ferrous owned 50% of Bahia Mineracao Ltda (BAMIN) which in September 2010 combined with London-listed Eurasian Natural Resources plc [ENRC) to construct an iron ore mine, near Caetite city in Bahia state. This mine intends to slurry iron ore, 400 km via a pipeline, to a dedicated port terminal, at an estimated cost of U$ 1.5 billion [MJ 3 July 2009].

A remarkably similar project is now underway in Uruguay, where Zamin Ferrous (which is registered in the tax haven of Jersey and has offices in London, Sao Paulo, Montevideo and Zug, Switzerland) plans to slurry iron ore from an open-pit mine in the centre of the country, 230km to a port on the coast.

Although Uruguyan farmers initially approved of the project, entering some agreements with the company and their government, by April 2011, they became alarmed at the lack of ongoing consultation, and the prospect of severe damage being created to the ecosystem at the mine and along its transport route [see "Uruguayans and tourists - beware!". by Víctor L. Bacchetta,Observatorio Minero del Uruguay, 11 April 2011].