Australian mining company Riverbank Resources plans to invest in the Brazilian state of Piaui in order to explore iron ore, a Piaui state news agency said this week.
The company’s owner, Terry Streeter, met this week with the state’s governor, Margarete Coelho, to sign a protocol of intentions to invest in the state and explore iron ore, titanium and vanadium.
Riverbank Resources already operates in Brazil, with mining projects the cities of Jacobina and Miguel Calmon, in the state of Bahia.
Coelho said the Australian company expects to be fully operational with an iron ore mine in Piaui state by 2018, which should boost jobs in the region.
The state of Piaui is said to have two major iron ore reserves that together account for 1 billion mt of the commodity. The cities of Curral Novo, Simoes, among others, in the Sao Raimundo Nonato region, such as Fartura, Sao Lourenço and Dirceu Arcoverde could also supply iron ore and are said to be attracting metals-related companies to the state.