Vale Verde Mining Will Finance Serrote Copper Project in Alagoas With Investments of R$ 141 Million

Written by Valdemar Medeiros

Published on 05/02/2021 at 11:39

Projeto da Mineração vale verde

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Alagoas Receives Investments in Copper Mining Project with Mining Company Mineração Vale Verde

Mineração Vale Verde announced on Thursday (4) that it has secured financing of US$ 140 million for investments in the copper concentrate project in the city of Craíbas, Alagoas.

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With the operation – which involved the banks ING, Natixis, and Société Générale – Mineração Vale Verde intends to allocate investments to all remaining costs for the development of the asset, indicating that there is now capital to take it to the production phase, according to a market announcement.

As part of the overall business involving Mineração Vale Verde’s project, the Appian Natural Resources Fund II will obtain a royalty on a portion of the production of Serrote (as the project is named in Alagoas). According to the announcement, Serrote is on track to begin production in the second half of 2021.

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Mineração Vale Verde states that construction is “progressing on schedule and in line with budget, with over 94% of the total project execution completed.” A study conducted before the start of construction indicated that Serrote is expected to produce approximately 20,000 tons of copper equivalent per year for an initial lifespan of 14 years, with the open-pit mine supplying a processing unit of 4.1 million tons/year.

“The transaction is an important development, recognizing the continuous progress and significant milestones achieved thus far, highlighting the attractiveness of this high-quality copper concentrate deposit,” said the mining company’s CEO, Paulo Castellari.

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According to a report from Valor Econômico newspaper, the Covid-19 pandemic caused the price of copper to rise. The average price for the year was US$ 6,200 per ton, but the metal has been traded near US$ 8,000 per ton, with expectations of further increases.

“In 2020, the price of copper was pressured by supply. With the pandemic, Peru and Chile, the world’s main producers, saw production declines. On the demand side, China sustained global growth. This created a balance between supply and demand,” said Paulo Castellari.

According to him, the average demand was 24.6 million tons after the investments, close to supply. For 2021, Castellari forecasts rising prices with supply lagging behind global demand. The market estimate, he says, is an average price around US$ 6,600 per ton.

Castellari emphasized that expectations are for global GDP growth with the start of vaccination in countries. The World Bank’s estimate, according to him, is a rise of 5%; in China, growth of 8%.

“Global production is expected to total 25.5 million tons and consumption, 25.8 million. And no increase in supply is expected; there are not many projects set to come online in the coming years.” Mineração Vale Verde (MVV) is expected to begin operations in the second half of 2021, and it is anticipated that 8,000 tons will be produced.

Vale Verde Mining Will Finance Serrote Copper Project in Alagoas With Investments of R$ 141 Million

Alagoas Receives Investments in Copper Mining Project with Mining Company Mineração Vale Verde

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Vale Verde Mining Will Finance Serrote Copper Project in Alagoas With Investments of R$ 141 Million

Alagoas Receives Investments in Copper Mining Project with Mining Company Mineração Vale Verde

Read Also

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