December 14, 2006

Brazil's CVRD calls off soy export project at Sepetiba port

Brazil's Companhia Vale do Rio Doce or CVRD, the world's largest iron ore miner has called off an 80-million real (US$ 37million) project to export soy from its Sepetiba port terminal in Rio de Janeiro, local news agency Ag¨ºncia Estado reported.

The company blamed an impasse over environmental licensing with the Rio de Janeiro state government for the project cancellation.

The CVRD's project included making the current iron ore terminal suitable for handling grain exports. As part of this, the company planned to construct a silo with 100,000-tonne storage capacity and a structure to transport soy from the silo to the docks.