Gold Mountain targets WWII tungsten mine in Brazil
Gold Mountain has paid 1 million reais for a 12-month exclusive right to acquire the 858-hectare Malhada do Angico tungsten property in northeastern Brazil's Seridó Tungsten Province, with a further 2 million reais payable if the transaction proceeds and receives regulatory approvals. The mine, about 10 km from Parelhas in Rio Grande do Norte state, began producing tungsten in 1942 and operated until 1982. The company has begun auger drilling of historical tailings and has a separate diamond drilling program awaiting permits, while conducting technical, legal and regulatory due diligence before deciding whether to complete the acquisition.
Why it matters: The proposed acquisition sits within the critical minerals theme, as China, the dominant tungsten producer, has imposed export restrictions and Western governments seek alternative sources for defence and industrial applications.