Gold Mountain evaluates reactivation of historic tungsten mine in Brazil

Australian mining company Gold Mountain is evaluating the reactivation of the historic Malhada do Angico tungsten mine in Parelhas, Rio Grande do Norte. The company has secured a 12-month exclusivity agreement with Emprogeo Mining Business EPP to conduct technical, legal, and regulatory analyses before potentially acquiring the 857-hectare site.

The mine has historical significance, having been used to extract tungsten during World War II. Tungsten is a critical metal for the defense, aerospace, and semiconductor industries. The move comes amid rising global demand and efforts by Western nations to reduce reliance on China, which currently controls approximately 80% of global tungsten production.

The total operation could reach R$ 3 million. Gold Mountain has already paid R$ 1 million for exclusivity rights. Further payments are contingent upon positive evaluations and regulatory approvals from the National Mining Agency (ANM) regarding mining rights transfers and previous research reports. The company has already begun new exploration campaigns, including drilling in tailings from previous operations to estimate tungsten content.