Rio Tinto’s Brazil Bauxite Bet Clears Key Permit as Mining Money Floods In
Mineração Rio do Norte, backed by Rio Tinto, secured an installation licence from Brazil’s IBAMA for its Novas Minas bauxite project, allowing construction at five new sites in Pará. The permit supports MRN’s plan to invest 9 billion reais through 2041 and target annual output of 12.5 million metric tons. Norway’s sovereign wealth fund remains engaged over deforestation concerns tied to the project’s planned expansion.