Itaminas, a Brazilian mining company, has finalized a deal to operate the Jangada iron ore mine. The company took over the iron ore operation on July 31 through a 15-year lease agreement with Vale, which is now gradually withdrawing its personnel.

The mine, located between the Pico Três Irmãos mountain range and the Rola Moça State Park, is prized for its high-quality iron ore, having a 64% grade.

Itaminas has set an annual production target of 8 million tons from the site. This transaction not only shifts the mining operation from Vale to Itaminas but also establishes Itaminas as a major player in the iron ore industry with a new production goal.