Minas de Ferro de Moncorvo

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SWOT Analysis

Strengths

  • Located in Europe, 3rd largest world market for pellet feed;
  • One of the largest deposits of iron ore in Europe, (measured and indicated resources of 552 Mtonnes of ore and inferred resources of 1,000 Mtonnes);
  • 60-year exploration concession, up to 2070;
  • Location with reduced environmental liabilities;
  • Highly prestigious and quality technical-scientific partnerships;
  • Close to Aveiro and Leixões Atlantic ports, (about 180 km);
  • The project is well-accepted by the local community;
  • Institutional support from national, regional and local authorities;
  • Full and immediate availability of water, energy, infrastructure and outflow capacity;
  • Availability and ownership of the exploration areas;
  • Company and of the project’s financial strength;
  • Company and project’s probity.

Weaknesses

  • Climate characterized by great thermal amplitudes.

Opportunities

  • Search and valuation of iron ore in the world market;
  • New market for exports in the Portuguese economy;
  • Creation of 420 new direct jobs, and about 800 indirect ones;
  • Creation of an investigation and development center in the Trás-os-Montes Northeast, with partnerships with local and international institutions;
  • Low production and transportation costs;
  • Valuation and capitalization of the Douro railroad lines and its navigability;
  • Project of an ore pipeline to Aveiro port.

Threats

  • Lack of qualified personnel in the mining activity, given the near inexistence of this activity in Portugal.

Geological characterization

The iron complex of Moncorvo belongs to the Armorican Quartzite Formation, from the Ordovician period and the iron layers alternate schists, psammites or quartzites. Its main minerals with iron grade are: specular hematite, granular hematite, lobular hematite, martite, magnetite and goethite.

Identification and Evaluation of the Resources

The ores extracted in the Moncorvo Iron Mines have exceptional characteristics and enormous potential for commercial feasibility.

  • Measured and indicated resources are 552 Mtonnes of ore and inferred resources are 1,000 Mtonnes.
  • Average grade of 37% iron, (Fe), and 0.53% phosphorus, (P), 27.5 to 36.9% silica, (SiO2 ), and 5.7 to 7.3% aluminum oxide, (Al2O3).
  • MTI is currently preparing a certification of mineral resources with application of the Canadian code NI 43-101.
  • Pellet feed with 67.80% Fe, 0.08% P and less than 1.00% (SiO2+Al2O3).

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