KIEV, Sept. 18 – Ukrainian iron pellet producer Ferrexpo paid $80 million for a stake in unlisted Brazilian miner Ferrous Resources, as the firm takes its first step outside Ukraine, Reuters reported.

The FTSE 250 company, which stated in 2011 it wanted to move beyond Ukraine, said in a statement it had taken a 14.4% stake in the Brazilian firm which plans to expand iron ore production in the mineral-rich state of Minas Gerais.

The stake gives Ferrexpo a foothold in the country of its main pellet-making competitor, mining major Vale, while reducing its dependence on Ukraine.