GOVERNMENT ANNOUNCES INVESTMENT REVENUE OF R$ 660 MILLION AND MORE THAN 2 THOUSAND jobs IN ALAGOAS

Two mega projects have fueled Alagoas’ development dreams in the not so distant past: a shipyard which would have been built in Coruripe, on the southern coast of the state – which failed – ; and the implementation of a mining company in the municipality of Craíbas.

The project of Vale Verde mining company, unlike the shipyard, will resume operations, under new management.

The Mineração Vale Verde project, which was managed by Aura Minerals, a Canadian company, was shut-down between late 2014 and early 2015, due to “credit shortage and the economic uncertainties that have resulted in increased level of analysis and precaution ” – according to the official version of the company.

Aura has quit the scene; the government has changed, as well as national and world economic scenarios. Now Mineração Vale Verde project is resuming.

The Government of Alagoas has just taken another step towards the consolidation of this great international investment in the state.

Representatives of the international fund, Appian Capital Advisory, Michael Sherb and Edward Otto, have met with the Secretaries of Economic Development and Tourism and the Executive Office – Rafael Brito and Fábio Farias – to discuss the operations of Mineração Vale Verde, located in the municipality of Craíbas. The fund is the new controller of the company.

The Appian fund has acquired Vale Verde and is working with the Alagoas government to expedite the start of exploration for copper ore in the municipality of Craíbas, which was stalled due to difficulties faced by the former project controllers.

The initial investment, now announced at US$ 200 million (about R$ 660 million), will focus on copper exports and will create 500 direct jobs, as well as 2,000 indirect ones.

During the construction phase, according to Rafael Brito, 1,200 direct jobs will be created.

The mining company, according to the Secretary, already counts with tax incentives by the Integrated Development Program of Alagoas (Prodesin) and will work with the government to accelerate the commencement of the works. “From now on we will work together to accelerate all procedures and licensing, so that the mining starts as soon as possible”, says Brito.

 

The Project

Mineração Vale Verde is located in the Serrote da Laje Project, in the municipality of Craíbas, in the rustic region of Alagoas. The company, still under the control of Aura, sought to make feasible investment for the construction of the structure and commencement of exploration at US$ 450 million, focusing on copper, iron, gold and vanadium.

The beginning of the exploration activities for copper ore was scheduled for 2014, which did not occur due to the lack of financing.

The project presented by Aura shows that there are mineral resources to produce for at least 18 years, totaling more than 160 million tons of copper and iron extracted from two deposits – 2/3 in Craíbas and 1/3 in Arapiraca – in a total area of 2,500 hectares. In addition, there would be enough gold for exploration for at least 10 years.

 

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