Mubadala Capital has an internal process underway to prepare the sale of Porto Sudeste, said the executive director of Mubadala Capital Brasil, Leonardo Yamamoto, this Monday.
The port, which focuses on iron ore, is owned by Mubadala with commodities trading company Trafigura.
The port in Rio de Janeiro could be sold by the Abu Dhabi fund together with the iron ore venture Mineração Morro do Ipê, which belongs to the companies, Yamamoto said.
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“We will offer the market the option of selling the mine as well, because for investors it makes a lot of sense to have an integrated player,” said Yamamoto during an event in São Paulo.
Yamamoto did not give a date for putting the assets up for sale, but said it would happen in the “near future.”
Formed in 2016, the project includes two mines and their processing units.
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Morro Ipê, in Minas Gerais, produces around 3.5 million tons of iron ore per year, while the Tico-Tico mine was licensed less than a year ago.
The owners are investing 1.3 billion reais to expand total production to around 9 million tons per year.
Porto Sudeste claims it can handle up to 50 million tons of iron ore per year.
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In 2023, the port shipped about 26.1 million tons, compared to 17.4 million tons in the previous year.
The port also handled nine oil transshipments last year, compared to five in 2022.
The Abu Dhabi state investor and trading company completed its acquisition of Porto Sudeste in early 2014.
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Yamamoto said Porto Sudeste is now a “mature” asset, adding: “our role in this specific asset, in this specific story, is no longer very relevant.”
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