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Largo plans investment in Rio Grande do Norte tungsten project

Date added: 27th November, 2009 at 09:24
(view all articles from November, 2009)

Categories: Natural Resources

An investment in Rio Grande do Norte's tungsten mining industry has been made by Canadian development and exploration company Largo Resources.

Largo announced it had signed a deal with current owner Emprogeo which could see it acquire the Currais Novos mine in the North Eastern Brazilian state at a cost of $500,000 (£306,277).

This figure will be payable in instalments over six months beginning in January 2010, provided the company is happy to take up its 100 per cent option on the project.

It explained it will look to recover tungsten and molybdenum from deposits left at the Barra Verde mine, which has operated intermittently for more than 50 years.

Mark Brennan, the company's president and chief executive officer, said: "We are very excited with the prospects for Currais Novos."

This news comes after news site Proactive Investors reported an Australian firm had agreed to make an investment in Rio Grande do Norte's Bodo tungsten project.ADNFCR-1477-ID-19482464-ADNFCR

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