New investment in Rio Grande do Norte tungsten from Largo
Date added: 1st December, 2009 at 09:11
(view all articles from December, 2009)
Categories: Natural Resources
Largo Resources has announced a new investment in Rio Grande do Norte's tungsten industry, after agreeing a similar deal at the end of November 2009.
The new agreement between the Canadian company and the Galvao family, the current owner of the new tungsten reserve, was revealed yesterday (November 30th).
Previously, the natural resource exploration and development firm had negotiated a contract with Emprogeo, the proprietor of another supply of the metal.
Under the terms of the new investment in Rio Grande do Norte's mining sector, Largo has acquired a pile of deposits left over from previous mining work in the North Eastern Brazilian state.
Previous estimates carried out in the late 1970s by the Departamento Nacional de Producao Mineral claimed the newly-acquired stack weighed 1.1 million tonnes, although the company noted these figures could be inaccurate.
The purchase will cost Largo $900,000 (£545,664) over 18 months if it decides to take up its option on the deal, after initially agreeing to pay $500,000 over six months for the Emprogeo reserves.
Mark Brennan, president and chief executive officer of the firm, said: "The addition of the Galvao family holdings positions Largo as the dominant player in the renewed Currais Novos mining camp."
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