Aethel Mining
TypePrivate
IndustryMetals and Mining
Founded2015
Headquarters
London, United Kingdom
Torre de Moncorvo, Portugal
Key people
Ricardo Santos Silva
Aba Schubert
Websitewww.aethelmining.com

Aethel Mining is a British mining company headquartered in London and owned by Ricardo Santos Silva and Aba Schubert.[1] Aethel Mining is the operator of the Torre de Moncorvo mines in Portugal, the largest private iron ore deposit in Europe.[2]

Operations and production

The mine currently produces iron ore.[3]

Proven reserves and production expansion

The Torre de Moncorvo mines have proven and probable reserves of 558 million tons, with an additional 254 million tons of possible reserves.[3]

Economic impact

The reserves of the Moncorvo mines are currently valued at approximately 58.2 billion euros. This valuation corresponds to about one-third of the wealth in Portugal, highlighting the potential economic impact of the mine's development and operation on the local and national economies.[4]

Rio Tinto negotiations

In 2011, Rio Tinto made an offer of over 1 billion euros for the Torre de Moncorvo mines.[5][6] However, Rio Tinto later decided to withdraw from the project, opting to focus on a narrower range of mine developments, such as iron ore projects in Western Australia and Guinea, and the Oyu Tolgoi copper project in Mongolia.[7]

See also

References

  1. ↑ "Governo confirma inglesa Aethel Mining ao leme das Minas de Moncorvo". Dinheiro Vivo (in European Portuguese). 2019-11-05. Retrieved 2023-04-26.
  2. ↑ Lusa, Agência. "Minas de ferro de Moncorvo entram em atividade após 37 anos ao abandono". Observador (in European Portuguese). Retrieved 2023-04-26.
  3. 1 2 Donn, Natasha (2022-07-05). "Torre de Moncorvo mines see business boom as result of Ukraine war". Portugal Resident. Retrieved 2023-04-26.
  4. ↑ "Reservas das minas de Moncorvo valem €58,2 mil milhões". Jornal Expresso (in European Portuguese). Retrieved 2023-04-26.
  5. ↑ "Portugal negoceia investimento mais de 1.000 ME Rio Tinto -Fontes". Reuters. 2011-10-21. Retrieved 2023-04-26.
  6. ↑ MarketWatch. "Rio Tinto may invest €1 billion in Portugual mines". MarketWatch. Retrieved 2023-04-26.
  7. ↑ "Rio Tinto to drop 1 billion euro Portugal project: sources". Reuters. 2012-07-11. Retrieved 2023-04-26.
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