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Brazil’s Porto Sudeste Settles USD 62.5 Mn Dispute

Brazil’s Porto Sudeste Settles USD 62.5 Mn Dispute
Porto Sudeste do Brasil, a private port terminal in Ilha da Madeira, Brazil, has agreed with Usinas Siderúrgicas de Minas Gerais SA, a unit of Brazilian steelmaker, to settle a USD 62.5 million litigation.

The litigation relates to a contract entered into in February, 2011 for the use of port facilities to move iron ore.

As stipulated under the terms of the settlement deal, Porto Sudeste will pay USD 62.5 million to Mineração Usiminas SA and enter into new contract with the company that will regulate provision of port services, it was disclosed in a security filling.

Furthermore, the agreement provides MUSA with the right, and not obligation, to move up to 17.5 million tonnes of iron ore through Porto Sudeste’s port terminal located in Itaguaí municipality.

Porto Sudeste is jointly owned by global terminal operator Impala and Mubadala Development Company in association with MMX Mineração e Metalicos SA.

It was commissioned in September, 2015 having sent off its first iron ore shipment to China.

Designed to handle and export iron ore and other bulk solid cargoes, Porto Sudeste has two mooring berths able to receive Capesize vessels. The facility has the capability to handle in excess of 50 million tonnes per year, with an expansion capacity up to 100 million tonnes per year.

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