Ferrexpo buys stake in Brazil miner

FTSE 250-listed iron ore miner Ferrexpo yesterday said it has bought a 14.4 per cent strategic stake in Brazil-focused iron ore producer Ferrous Resources for $80m (£50.3m). “The investment represents access to a good quality asset in a major iron ore producing region,” said Swiss-headquartered Ferrexpo. “Ferrous has all permits in place to expand output to 15m tonnes per annum and has a well-regarded senior management team.”