Brazil

UPDATE 1-ADM Brazil unit completes $85 mln Santos port investment

(Adds details from news conference on rail infrastructure improvement, quotes from executive, background)

May 19 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 soybean and corn at the terminal for 20 years, through 2037.

The investment underscores ADM’s commitment to retaining a leading position in Brazil, whose agricultural heartland is seen as critical to supplying expanding world food markets.

Recent changes in Brazilian port legislation, which extended the duration of operating licenses in a bid to attract private investment, is positive for ADM’s logistics plans, Eduardo Rodrigues, the company’s ports director, said at a news conference.

ADM is currently analyzing a project to improve rail infrastructure around the port area…

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