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Gold Mountain weighs restart of WWII-era tungsten mine in Brazil
The company secured an exclusive right to acquire a mining application covering about 858 hectares, with potential payments of up to 3 million reais under a 12-month due diligence period.
Gold Mountain is considering reviving a tungsten mine in Brazil that operated during World War II, as the explorer seeks more exposure to a metal tied to defense and strategic supply chains, Mining.com reports.
The company said it secured an exclusive right to acquire the mining application covering about 858 hectares at the former Malhada do Angico mine in north-east Brazil’s Seridó Tungsten Province. Under a 12-month agreement with Emprogeo Mining Business EPP Ltda., Gold Mountain will conduct due diligence before deciding whether to proceed, with potential payments of up to 3 million reais (about $600,000).
Gold Mountain said its next steps include accelerating its exploration program and starting drilling once the necessary permits are obtained, according to the statement cited by Mining.com.
The proposed acquisition would add a historic producer to the company’s Brazilian portfolio as Western governments look for more secure tungsten supplies, Mining.com added.
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