Uruguay planning $700 million deepwater port in response to exports demands

29 Jun 2012 - Cargo volumes and throughput, Iron ore, Port Planning

An artist's impression of the new deepwater port to be built in La Angostura. Image: Merco Press

• Deepwater port to be established near La Angostura for iron-ore exports to China

The government of Uruguay has given the go-ahead for a $700 million deepwater port to help facilitate the country’s iron-ore exports to China.

Construction works for the port, to be located near the Brazilian border in the town of La Angostura, are scheduled to start in 2014, according to Bernama.

The news follows the signing of a decree by Uruguayan President Jose Mujica, which sought to identify appropriate sites for the ocean terminal.

According to local new reports, the project has already attracted interest from Chinese investors, following a meeting to discuss the development between Vice President Danilo Astori and Chinese Premier Wen Jiabao in the Uruguayan capital of Montevideo.

To meet the needs of the South American country’s iron-ore exports, Minera Aratiri has been developing a similar project since 2007, which would involve the export of an estimated 18 million metric tons of iron-ore per annum.

The Jersey-based company claims that the project would help generate as many as 1,500 jobs, whilst contributing as much as US$1.4 billion to the country’s economy.