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Azevedo Antunes, Who Went from Postal Worker to Mining Magnate, Dies

September 18, 1996

RIO DE JANEIRO, Brazil (AP) _ Augusto Trajano de Azevedo Antunes, who went from being a postal worker to one of Brazil’s richest men, has died of heart failure. He was 89.

Azevedo Antunes died Tuesday at a private clinic in Rio, the Casa de Saude Sao Jose, and was buried the same day. He had an estimated net worth of $500 million.

Born in Sao Paulo, the son of professors, Azevedo Antunes opened his first mining company, Icomi, in 1948. Azevedo Antunes became known for his strategic partnerships with foreign companies, something rare in Brazil at the time.

Companies such as Bethlehem Steel, Hanna Mining and Scott Paper were at one time partners of companies owned by Azevedo Antunes.

He also participated in the Jari project, a large development endeavor in the Amazon jungle in which American billionaire Daniel Ludwig invested some $750 million.

Azevedo Antunes is survived by a daughter, Beatriz. His only son, Cesar, died in 1972.

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