Brazil Holding Auction for First Investment Partnership Program (PPI) Mining Project

RIO DE JANEIRO, BRAZIL – The Brazilian Geological Service (CPRM, formerly known as the Mineral Resources Research Company), linked to the Ministry of Mines and Energy, will offer for bids today, October 21st, the mining rights to the ‘Polimetálico de Palmeirópolis’ Complex, in the State of Tocantins.

This is the first mining project carried out within the Investment Partnership Program (PPI), to be provided to the private sector.

The deposit is “polymetallic” meaning it contains such elements as zinc, copper, lead, and gold, in sufficient amounts for economic exploitation.

The government estimates that it will raise R$15 million (US$3.8 million) from the auction bonus for the area. According to CPRM, an investment of R$255 million is expected for the project, which could create 2,500 jobs.

“The Palmeirópolis Project comprises six mining operations, totaling 6,050 hectares, all of which have final research reports approved by the National Mining Agency. CPRM holds approximately 330 mining rights, divided into 30 blocks, which will be offered to the private sector in order to foster the development of the mineral sector in the country,” says the entity.

Of this total, five assets are classified within the PPI. They are ‘Polimetálico de Palmeirópolis’ (Tocantins), ‘Carvão Candiota’ (Rio Grande do Sul), ‘Fosfato de Miriri’ (Pernambuco/Paraíba), ‘Cobre de Bom Jardim’ (Goiás), and ‘Caulim do Rio Capim’ (Pará).

The Palmeirópolis auction will take place at 10:00 AM, in the auditorium of CPRM’s office in Rio de Janeiro, in Urca. The details of the concession can be checked on CPRM’s website.

Source: Agência Brasil