Indian-owned, UK-based Zamin Resources has one major iron ore project under way in Brazil and is keen on developing others in the country and neighbouring Uruguay. Zamin owns 50% of Bamin JV with Kazakhstan Eurasian Natural Resources Corp. that is developing a mine at Caetité in Bahia state in the Brazilian NE. The mine will start operations in September 2012 and produce up to 25 million tonnes per year of iron ore concentrate. Iron ore reserves in the area are estimated at 2.5 billion tonnes. The company is also in the early stages of prospecting a 6 million tns/yr iron ore project called Greystone to the south of the Caetité mine. Elsewhere in South America, Zamin is developing another iron ore project in the middle of neighbouring Uruguay near the town of Valentines.