RE: Vila Nova28 Oct 2020 19:32
Think it was this I read
Eldorado Consolidates Ownership of Vila Nova Iron Ore Project
Aug 05, 2009
Download this Press Release (PDF 26 KB)
VANCOUVER, BC - Paul N. Wright, President and CEO of Eldorado Gold Corporation ("Eldorado" or the "Company") is pleased to report that the Company now controls 100% interest in the Vila Nova Iron Ore Project ("Vila Nova" or the "Project") in Amapa State, Brazil. Eldorado previously owned 75% interest in the project, the balance of 25% being controlled by Mineracao Amapari SA ("Amapari"), a Brazilian private company. Eldorado has finalized and executed an agreement with Amapari, which results in the acquisition by Unamgen Mineracao - a wholly owned subsidiary of Eldorado in Brazil - of Amaparis 25% remaining interest in the project in exchange for a Net Profits Interest royalty of 10% plus a sliding scale royalty based on the operating margin of the Project.
Vila Nova contains Proven and Probable Reserves (as of December 31, 2008) of 9.2 million tonnes of ore at a grade of 61.0% Fe plus an Inferred Resource of 2.0 million tonnes at 61.2% Fe. The Project consists of a conventional shovel-and-truck owner operated open pit mine followed by crushing, screening, and minor gravity separation plant designed to process 1 million tonnes of ore per year. Lump ore and sinter fines to be produced from the Project will be shipped from the Santana Port, which is located at a distance of approximately 180 Km from the Project. The mine and plant were successfully commissioned during the first half of 2009 and were put on care and maintenance as a result of the global financial crisis. The Project is fully permitted for commercial production.