SÃO PAULO, BRAZIL — Louis Dreyfus Commodities and Cargill won an auction on Dec. 8 to operate a grain terminal at Santos Port in São Paulo, Brazil for 25 years, Reuters reported on Dec. 9.

The port areas were the first of 93 nationwide that the Brazilian government hopes to auction under a 2012 law. The auction brought 430,500,000 reais ($114,000,000) in investment to Brazil.

LDC Brasil BSL, the consortium that will operate the grain terminal, is 60% owned by Louis Dreyfus Commodities, while Cargill has a 40% stake, it said. It offered 303,000,000 reais ($80,000,000), beating another proposal from Agrovia SA.

The consortium must move 3.9 million tonnes by its third year of operation and 4.1 million tonnes by the fifth year. It will also need to upgrade infrastructure, including shiploaders, at the terminal known as STS04 in the Ponta da Praia area of Santos.

An auction for a fourth area in the northern state of Para was canceled due to lack of interest.