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Kitco reported Serra Pelada will begin gold, palladium and platinum production again in 2013.
Kitco reported Serra Pelada will begin gold, palladium and platinum production again in 2013.
As quoted in the market news:
Serra Pelada, at its peak in the 1980s, saw as many as 80,000 artisanal miners (called garimpeiros) mine roughly 2 million ounces of gold as well as platinum and palladium from a hand-dug open pit. Flooding and a pit wall collapse put an end to mining in the mid-1980s.
After remaining largely untouched for the last 20 years, COOMIGASP, a registered Brazilian cooperative company made up of some artisanal miners from the original Serra Pelada rush, was granted an exploration license for the property. Colossus and COOMIGASP formed a joint venture to develop Serra Pelada.
Click here to read the full Kitco report.