Peruvian mining company Minsur signed a contract to sell its Mineração Taboca tin mine, in Brazil, to the Chinese China Nonferrous (CNMC) Trade Company, for around US$340 million, the company said in a statement on Tuesday (26 ).
The contract, signed on Monday night (25), will come into force when “certain usual precedent conditions” for this type of transaction are met, Minsur said.
The mine operation
According to the company, the Pitinga mine, located in the Amazon region, produces tin, niobium and tantalum and is one of the richest in the world, with an estimated longevity of 100 years. The ore is then transported to São Paulo, where it is processed and transformed into refined tin, with 99.9% purity.
Despite speculation, so far no uranium has been found in the mine’s operating area, only radioactive material residue.
In order to comply with sustainability requirements, industrial operations are supported by electricity from an own hydroelectric plant, located 80 kilometers from the mine.
*With information from Reuters
