SANTOS, Brazil, May 19 (Reuters) - The Brazilian unit of Archer Daniels Midland Co on Friday said it had completed a 33 percent expansion in its Santos port terminal’s export capacity to 8 million tonnes of grains per year.
The company invested 280 million reais ($85.19 million) in the project, which comes two years after Brazil extended ADM’s license to move grains including soybeans and corns at the terminal for 20 years through 2037.
The investment underscores the company’s commitment to retaining a leading position in Brazil, whose agricultural heartland is seen as critical to supplying expanding world food markets.
ADM kicked off activity at Santos in 1997, coinciding with its arrival in Brazil, which the company says is key for its global strategy. It began the Santos port operations after purchasing several crushing plants, grain elevators and silos.
$1 = 3.2868 reais Reporting by Ana Mano; Editing by Christian Plumb and Cynthia Osterman