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US mining company makes Brazil investment

Date added: 12th May, 2011 at 10:29
(view all articles from May, 2011)

Categories: Natural Resources

A mining company based in the US has completed the acquisition of gold mines in Brazil.

Ardent Mines has purchased Gold Hills Mining, giving it mineral rights to four sites in the north-east of the country.

Known as the Serra do Ouro project, the properties measure a total of 3,500 hectares and Ardent plans to begin searching for precious minerals as soon as possible.

President and chief executive of Ardent Leonardo Riera described the investment in Brazil as "a significant step" for the company.

"We believe our shareholders will greatly benefit from the acquisition of this asset," he remarked.

Brazilian government agency CPRM previously explored the sites, which are located in the States of Pernambuco and Paraiba.

State-owned company Petrobras recently announced it intends to increase ethanol production in Brazil, with energy minister Edison Lobao quoted by the AFP as saying the government is hoping for "rapid advances" in this area.

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