Canadian gold producer Eldorado Gold said it has gained complete ownership of the Vila Nova iron ore project in Brazil’s Amapa state.
The company has acquired the remaining 25% stake from private Brazilian company Mineracao Amapari in exchange for a net profit interest royalty of 10% plus a sliding scale royalty based on the operating margin of the project, Eldorado said.
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Vila Nova contains proven and probable reserves, as of December 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%.
The agreement simplifies and consolidates the ownership structure of Vila Nova without any additional upfront cost for the company, Eldorado president and CEO Paul N Wright said.
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