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  • escarigo70 escarigo70 Jan 13, 2013 7:46 AM Flag

    portuugal

    PORTUGAL

    Portugal's economy minister said more mining concessions would soon be awarded in the Iberian Pyrite Belt, with its numerous, sizeable base metal deposits, and it's not just smaller companies that appear to be interested.

    Last month sources said mining giant Rio Tinto was negotiating with the government for a concession to mine iron ore in the north in an investment worth more than 1 billion euros.

    The company was formed in 1873 to reopen ancient copper mines next to the River Tinto in southern Spain.

    Portugal's National Geology Institute estimates mining resources already identified amount to the country's GDP for a year -- around 170 billion euros (145 billion pounds).

    It estimates the mining sector currently accounts for 3 to 4 pct of GDP and that "these (10) concessions now signed should significantly increase the sector's contribution."

    (Additional reporting by Filipa Lima in Lisbon, editing by Jane Baird)

    source reuters

 
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