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Tuesday, 26th May 2009 (3100 views)

The booming gold mining industry in Brazil has prompted a new company to enter the industry there.

Brazilian Mining confirmed that it is to begin a venture, after observing that the sector appears to be strong.

It has now signed a letter of intent with SD Mineradora and is assessing the firm's projects in order to identify whether or not they match its long-term goals.

Mike Dillon, president of Brazilian Mining, explained that the board considers now to be the "right time" to enter the gold market.

"We have been approached by several companies looking to joint venture with us and this is the first letter of intent we have entered into," he added.

Meanwhile, Catalpa Resources has stated that its new gold mine in western Australia is set to create more than 110 permanent jobs, after the local government granted environmental approval.

The firm also expects construction to see over 180 roles being made available.

 

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