Brazil to Expand Molybdenum, Copper and Other Ores' Exploration to Diversify Mining Industry

Brazil hopes to expand the exploration of molybdenum, copper and other ores to diversify its mining industry. According to the BNAmericas website, Brazilian mining industry representatives and officials returning from the annual meeting of Prospectors & Developers Association of Canada (PDAC) are reported to be optimistic about attracting more investment.

Officials from the Brazilian Ministry of Energy and Mines and the Brazilian Mining Agency (ANM), as well as representatives from the Brazilian Mining Association (Ibram), attended the PDAC annual meeting in Toronto from March 1 to 4.

Brazil to expand exploration of molybdenum and other ores image

Wilson Brumer, director of the Brazilian Mining Association, revealed that during the exchange and discussion with participants at this year's PDAC annual meeting, the delegation introduced the huge potential of Brazil to discover world-class deposits. Brazil has a large-scale metallogenic belt with a wide variety of mineral resources, such as iron ore, chromium, manganese, vanadium, copper, bauxite, zinc, nickel, molybdenum, tin, gold, potassium, and so on.

At present, the Brazilian mining industry is highly dependent on iron ore, and the government hopes to diversify its mining development through the exploration of the new area.

Brumer said that the Brazilian government is working to increase mineral output and product diversification. Currently, 40% of Brazil's territory is not yet available for mineral exploration and development. As announced by the government, the country hopes to increase the area of land that can be explored to substantially increase the mining development potential.

Brazilian President Bosonaro submitted a bill earlier this year hoping to free up indigenous land for mineral exploration.

Brazil uses PDAC to seek diversity in mining image

But not everyone is optimistic about expanding the exploration. John Forman, a geologist, former director of the Brazilian National Agency of Petroleum (ANP) and president of the Brazilian National Nuclear Corporation, believes that the economic viability of these regions is unclear because of their geological potential.

The bill also faces criticism from environmental groups, as most of these areas are located in rainforests. During the participation in PDAC, the Brazilian Mining Association signed a memorandum of understanding with the Toronto Stock Exchange and the Toronto Venture Capital Exchange, and the two parties will cooperate in expanding mining investment and financing facilitation in expanding the exploration of ores of the country such as molybdenum, copper, bauxite, and zinc, etc. to diversify Brazil's mining industry.

 

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