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KIC To Invest $100M In Brazil Iron Project

The sovereign wealth fund of South Korea, Korea Investment Corporation will invest in a special purpose company, Manabi Holding.

The sovereign wealth fund of South Korea, Korea Investment Corporation (KIC), will invest in a special purpose company, Manabi Holding, The Wall Street Journal reports. KIC is seeking to invest about $100 million in the Brazilian company that administers steel assets, including iron-ore exploration.

Canadian pension fund, Ontario Teacher’s Pension Plan, and an asset-management firm will also participate in the company’s iron-ore exploration project. The pension fund will contribute about $100 million to the company.

Click here for the story from The Wall Street Journal.

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