Progress on project Australia’s OZ Minerals has announced a maiden mineral resource at the Santa Lúcia copper-gold property demonstrates the potential to increase the production and life of the Carajás East Hub in Brazil.
“At our Carajás East Hub we recently commenced processing pro-duction ore from Pedra Branca, the first of our satellite mines to be realised under the Hub Strategy. We have taken Pedra Branca from a study concept to being permitted, built and into production within three years, a significant achievement by the team in Brazil,” said Andrew Cole, the managing director and CEO of OZ Minerals, as quoted in a statement.
The Santa Lucia project is owned by Vale and the Brazil National Economic Development Bank (BNDES) holds a right to take part in up to 50 percent of its economic results of the project. OZ Minerals has an option to purchase Vale’s share,and is in talks with BNDES regarding a possible acquisition of its option.